Summary:

India intends to become a global leader in shipbuilding by 2030 and one of the top five by 2047, according to Union Minister Sarbananda Sonowal at the 'Sagarmanthan - The Great Oceans Dialogue.' India is focusing on harnessing its resources to improve shipbuilding and sustainability, establishing a circular blue economy. With 12 major ports and over 200 minor ones, India’s strategic location on key shipping routes strengthens its role in global trade and commerce.

India, the 16th-largest maritime nation, has a fleet of 1,530 ships and ranks third in ship recycling by tonnage. In FY24, Indian ports handled 819.22 million tonnes of cargo, marking a 4.45% YoY increase. This growth is in line with the rise in merchandise exports, which reached US$ 451 billion (Rs. 37.2 lakh crore) in FY23, up from US$ 417 billion (Rs. 34.4 lakh crore) in FY22. This progress highlights India's growing maritime significance and economic power.

Source: IBEF 

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