According to the Economic Survey 2023-24 presented to Parliament on Monday, 39 shipyards have registered under the Centre’s financial support scheme, with 18 of these utilizing the benefits. This initiative supports shipbuilding contracts signed from April 1, 2016, to March 31, 2026.
The Economic Survey outlines ambitious goals under India’s Maritime Vision 2030, which includes over 150 initiatives aimed at enhancing ports, shipping, and inland waterways, with projected investments between ₹3 to ₹3.5 lakh crore. Additionally, the Maritime Amrit Kaal Vision 2047 envisions more than 300 initiatives across 11 key areas to bolster growth and development in India’s coastal regions.
Key targets include reducing the average vessel turnaround time for containers from 25 hours in 2020 to under 20 hours by 2030, and increasing the average daily ship output (gross tonnage) from 16,000 in 2020 to over 30,000 by 2030.
The Economic Survey highlights recent advancements such as the launch of five deep-sea tuna long liner fishing vessels by Udupi Cochin Shipyard Limited in May 2023, as part of the Pradhan Mantri Matsya Sampada Yojana. It also notes the inauguration of an international ship repair facility at Cochin Shipyard Ltd. in January 2024, which features a new dry dock capable of accommodating larger ships and future aircraft carriers.
In terms of coastal and inland water transport, the survey reports a substantial increase in gross tonnage, from 1.19 million GT with 846 vessels in April 2014 to 1.72 million GT with 1,039 vessels by April 2024. The Inland Waterways Authority of India’s capital expenditure for FY24 was ₹1010.5 crore, supporting various technical interventions and new National Waterways (NWs). Notably, over 63% of the Jal Marg Vikas Project on NW-1 has been completed, and approvals have been granted for further development of NW-3, NW-4, NW-5, and 13 new NWs with an allocation of ₹267 crore for 2025-2026.
The Indo-Bangladesh Protocol (IBP) route, costing ₹305.84 crore, now offers an alternative connectivity for northeastern states, enhancing cargo movement between Guwahati, Jogighopa, Kolkata, and Haldia ports. The survey emphasizes the growth in cargo handled via this route due to recent initiatives.
With India’s extensive network of rivers, canals, and other waterways stretching approximately 14,500 km, the Inland Vessels Act 2021 has replaced the outdated 1917 legislation, aiming to streamline and modernize the regulatory framework for inland navigation.