India aims for a 10% market share in shipbuilding worldwide

India seeks to guarantee that 10% of the global shipbuilding market is produced domestically. There’s a lot to do in ten years from 1 percent. As part of the endeavor, a high-level shipping ministry team will be departing for Seoul, South Korea, on November 28th for negotiations with “stakeholders,” or simply, some of the country’s top shipbuilders. Additionally, South Korea is one of the largest shipbuilding nations in the world; in terms of tonnage, perhaps a fifth of all ships are constructed there.

Large companies like Samsung will be the subject of the “strategic meetings,” according to insiders. India possesses land, personnel (at a lower cost than South Korea), and even technology. To manufacture their ships here, it would be worthwhile to relocate to India. These are crucial gatherings, and a movement and investment would result in the creation of a huge number of jobs.

India must first establish an ecosystem, and shipbuilding clusters are forming gradually. They may be found in Paradeep, Visakhapatnam, or other locations in Gujarat. According to sources, Andhra chief minister Chandrababu Naidu is especially eager for them to take place in his state. There is the capacity to construct ships of superior grade. According to Prime Minister’s Economic Advisory Council member Sanjeev Sanyal, building freighters and tankers need not be a challenge if India can construct aircraft carriers and nuclear-powered submarines for the Indian Navy. The Seoul project may hold the key, and there are opportunities.