India Races to End China's Shipbuilding Monopoly
Image Source: Internet
The Indian government has unveiled a ₹10,000-crore plan to build shipping containers, marking the beginning of a quiet race to end China's near-monopoly in building commercial ships and containers.
The ambitious plan aims to make India one of the top five ship-building nations, with a gross registered tonnage (GRT) of four million tonnes annually by 2047.
With total investments of nearly ₹4 lakh crore, the push is part of the government's efforts to expand maritime infrastructure, secure sea trade, and cut reliance on foreign-made vessels.
State oil companies are working with the Shipping Corporation of India on a plan to purchase locally made crude tankers to replace India's aging foreign-chartered fleet.
The long-term goal is to have 112 vessels by 2047 at a total estimated cost of ₹85,000 crore.
Experts, however, say the country's maritime ambitions will require more than just viability gap fundings and capital subsidies.
