Companies can avail all shipbuilding sops simultaneously

The government has approved a ₹70,000 crore package for shipping and maritime sectors. Companies can now avail incentives under all schemes simultaneously. The package includes a National Shipbuilding Mission and a Maritime Development Fund. The aim is to attract global shipbuilding giants to India. Several locations are being evaluated for shipbuilding clusters.

The Union Cabinet, led by Prime Minister Narendra Modi, has approved a Rs 69,725 crore package. This package aims to revitalize India’s shipbuilding and maritime sector. It is a comprehensive strategy built on four pillars. The initiative spans ten years. It includes the Shipbuilding Development Scheme with a significant budgetary allocation.

Mazagon Dock Shipbuilders Limited (MDL) and Guidance Tamil Nadu have signed a Memorandum of Understanding (MoU) to investigate the possibility of building a cutting-edge greenfield shipyard on India’s eastern coast. The agreement was formalized on September 19 during a ceremony organized by the Ministry of Ports, Shipping and Waterways (MoPSW) in Bhavnagar, Gujarat.

Cochin Shipyard Limited plans a Rs 15,000 crore shipyard in Tamil Nadu with a Korean partner. The project aims to create 10,000 jobs. CSL also partners with HD Korea for shipbuilding. They will use CSL’s new dry dock to build large vessels. A Block Fabrication Facility is planned in Kochi, generating more jobs.

A fire erupted on the cargo ship Haridharshan, anchored at Porbandar’s Subhashnagar Jetty in Gujarat, intensified by its cargo of approximately 950 tons of rice and 78 tons of sugar. The Somalia-bound vessel was subsequently towed to the sea’s center as fire brigade vehicles worked to extinguish the blaze. Further details regarding the incident are […]

Swan Defence and Heavy Industries has signed a Rs 4,250 crore agreement with Gujarat Maritime Board. The goal is to modernize shipyards and boost supply chains. SDHI also signed an MoU with Sagarmala Finance Corporation Limited. Prime Minister Narendra Modi inaugurated maritime development projects worth over Rs 7,870 crore.

Prime Minister Modi highlighted India’s significant annual expenditure of ₹6 lakh crore to foreign companies for shipping, nearly equivalent to the country’s defense budget. He attributed this dependence to the Congress governments’ neglect of domestic shipbuilding, hindering India’s potential. Modi emphasized the need for self-reliance in the shipping sector to bolster economic sovereignty and realize […]

Container freight rates are projected to remain low due to global trade uncertainties caused by US tariffs. Exporters accelerated shipments to the US before tariff deadlines, leading to an 18% increase in exports during April-August 2025. Oversupply of capacity and weakening global demand are expected to further depress sea freight rates, impacting smaller exporters significantly.

The government has granted infrastructure status to large ships, defined as commercial vessels meeting specific tonnage and ownership criteria, aiming to facilitate easier and cheaper financing for shipbuilding in India. This move, aligned with the Maritime India Vision 2030, anticipates significant investment in the shipping sector and supports the development of shipbuilding clusters.