T. K. Ramachandran
| Photo Credit: KAMAL NARANG
The Indian maritime sector would need an investment of $1 trillion by 2047 and ₹5 lakh crore by 2030 to harness its full potential, T.K. Ramachandran, Secretary, Union Ministry of Ports, Shipping & Waterways said on Wednesday.
He said steps have been taken for the establishment of green hydrogen production hubs at Paradip, Tuticorin and Kandla ports for the decarbonisation of the shipping sector.
Speaking at the FICCI Maritime Conference and Expo 2025 in Mumbai he said that several companies had already leased 4,000 acres of land near at these ports for green hydrogen facilities and production is expected to begin within a year.
“Half a dozen companies have come forward to invest in these places,” Mr. Ramachandran added.
He said the Hong Kong Convention on Ship Recycling which would take effect from June, would benefit Indian shipyards as recycling yards at Alang are already complying with the Convention’s standards, positioning India as a global ship recycling market. Speaking on the occasion, Union Minister for Ports, Shipping & Waterways said India’s maritime sector has become cornerstone of the country’s economic resurgence and India’s port capacity would increase sixfolds to 10,000 MT per annum by 2047.
This would make India one the top 10 maritime countries in the globe, he said. He said India’s major ports are already handling 820 MMT of cargo annually, which is a 47% growth since 2014. The overall port capacity has doubled to 1,630 MMT during the same period he said.
Stating that India has entered era of Mega Ports, the Minister said the Vadhavan Port in Maharashtra is set to become India’s largest container facility, and the International Container Transshipment Port at Galathea Bay in Great Nicobar would capture transhipment trade along key global routes.
“These achievements epitomise our vision of Ports for Prosperity, where infrastructure serves as a springboard for economic growth and job creation,” he added.
Emphasising that the modernisation drive in the maritime sector has already yielded significant efficiency gains, he said the container dwelling time has now reduced to three days, while vessel turnaround time has improved to 0.9 days, surpassing several advanced economies.
“Nine Indian ports now feature in the World Bank’s Container Port Performance Index 2023, with Visakhapatnam ranking among the top 20 globally,” he said.
Subba Rao, Managing Director, Sanmar Shipping, while addressing delegates, highlighted the challenges of availability of skilled labour for shipbuilding and repairs work and adoption of sustainable fuel for transitioning to net-zero emissions.
During the conference, the Union Minister unveiled the FICCI-CRISIL Knowledge Report on ‘Forging New Horizons: The Growth of India’s Shipbuilding and Repair Industry’.
The report highlights the journey of the global and Indian shipbuilding markets, the factors driving growth and how India holds the potential to become a leading hub for shipbuilding and repair.
Published – January 22, 2025 10:35 pm IST
