Summary:

India will invest Rs. 85,600 crore (US$ 10 billion) by 2040 to buy 112 crude oil tankers to boost energy security and reduce dependence on foreign fleets. Most tankers used now are old and rented. In the first phase, India will buy 79 ships, starting with 10 this month. Only tankers built in India, even with foreign help, will be allowed. As oil refining grows, India plans to increase locally built tankers from 5% to 69% by 2047. A Rs. 25,000 crore (US$ 2.92 billion) fund will support shipbuilding. India is also expanding shipping for coal, steel, and fertilizers. Talks are on with Japanese and South Korean firms to help build ships in India and reduce dependence on China.

Source: IBEF

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