+
India Plans 100 New Ships To Cut USD 75 Billion Freight Bill
ECONOMY & POLICY

India Plans 100 New Ships To Cut USD 75 Billion Freight Bill

The National Shipping Board (NSB) held the inaugural Sagar Samvad in New Delhi, bringing together policymakers, shipowners, financiers and cadets to outline a roadmap for maritime expansion. Union Minister of Ports, Shipping and Waterways (MoPSW) Sarbananda Sonowal described a plan to add 100 vessels to India's foreign-dependent merchant fleet over the next five years as part of efforts to reduce the foreign freight bill. The event was presented as a platform to align the re-enacted Merchant Shipping Act, 2025 and new National Shipping Board rules with the Maritime India Vision 2030 and Maritime Amrit Kaal Vision 2047.

The NSB submitted its annual and subcommittee reports and proposed a five point roadmap stressing fiscal reform, assured cargo support, access to competitive financing, regulatory streamlining and ease of doing business. Sonowal welcomed the roadmap and credited the Container Manufacturing Assistance Scheme, worth Rs100 bn, with encouraging domestic container production and attracting large orders from global shipping companies. The minister emphasised that these measures aim to ensure Indian shipowners participate in growth arising from expanded port capacity.

A session on maritime labour force challenges examined wage taxation, pension gaps and welfare provisions affecting seafarers and linked skilling to employment generation. The Union Minister of Labour and Employment and Youth Affairs and Sports outlined steps to expand industry led training, address gender disparity and develop specialised talent for emerging segments such as cruise shipping and advanced shipbuilding. The government signalled an intent to leverage global demand for skilled seafarers to create wider employment pathways for youth.

The Union Minister of State for Ports, Shipping and Waterways noted that India pays close to USD75 bn every year in freight to foreign lines and argued that augmenting Indian tonnage is necessary for trade security. NSB chairperson presented the board's advisory role under the Merchant Shipping Act, 2025 and framed Sagar Samvad as a consultative forum to build consensus on building a future ready maritime sector. Participants discussed opportunities and challenges in expanding the fleet and improving competitiveness to support long term goals through 2047.

The National Shipping Board (NSB) held the inaugural Sagar Samvad in New Delhi, bringing together policymakers, shipowners, financiers and cadets to outline a roadmap for maritime expansion. Union Minister of Ports, Shipping and Waterways (MoPSW) Sarbananda Sonowal described a plan to add 100 vessels to India's foreign-dependent merchant fleet over the next five years as part of efforts to reduce the foreign freight bill. The event was presented as a platform to align the re-enacted Merchant Shipping Act, 2025 and new National Shipping Board rules with the Maritime India Vision 2030 and Maritime Amrit Kaal Vision 2047. The NSB submitted its annual and subcommittee reports and proposed a five point roadmap stressing fiscal reform, assured cargo support, access to competitive financing, regulatory streamlining and ease of doing business. Sonowal welcomed the roadmap and credited the Container Manufacturing Assistance Scheme, worth Rs100 bn, with encouraging domestic container production and attracting large orders from global shipping companies. The minister emphasised that these measures aim to ensure Indian shipowners participate in growth arising from expanded port capacity. A session on maritime labour force challenges examined wage taxation, pension gaps and welfare provisions affecting seafarers and linked skilling to employment generation. The Union Minister of Labour and Employment and Youth Affairs and Sports outlined steps to expand industry led training, address gender disparity and develop specialised talent for emerging segments such as cruise shipping and advanced shipbuilding. The government signalled an intent to leverage global demand for skilled seafarers to create wider employment pathways for youth. The Union Minister of State for Ports, Shipping and Waterways noted that India pays close to USD75 bn every year in freight to foreign lines and argued that augmenting Indian tonnage is necessary for trade security. NSB chairperson presented the board's advisory role under the Merchant Shipping Act, 2025 and framed Sagar Samvad as a consultative forum to build consensus on building a future ready maritime sector. Participants discussed opportunities and challenges in expanding the fleet and improving competitiveness to support long term goals through 2047.

Related Stories

Gold Stories

Next Story
Resources

NCC Founder and Padma Shri Awardee AVS Raju Passes Away at 89

Dr Alluri Venkata Satyanarayana Raju, founder and Chairman Emeritus of NCC Limited and a Padma Shri awardee, passed away in Hyderabad on 13 October 2026. He was 89.Born on 18 April 1937 in Antarvedipalem village in Andhra Pradesh's erstwhile East Godavari district, Raju began his entrepreneurial journey in 1956. He established Nagarjuna Construction Company (NCC) Limited in 1978, which subsequently emerged as one of India's leading construction and infrastructure companies.Under his leadership, NCC became a public limited company in 1990 and expanded into one of India's prominent listed constr..

Next Story
Infrastructure Transport

Embraer to Acquire 51 Per Cent Stake in Mahindra Aerospace Arm

Brazilian aerospace major Embraer will acquire a 51 per cent equity stake in Novavayu Aerospace, a step-down subsidiary of Mahindra and Mahindra, under an Investment Agreement notified by the automobile company in an exchange filing. The transaction will give Embraer control of the aerospace business. Following completion of the acquisition, Novavayu Aerospace will cease to be a wholly owned subsidiary and become an associate of Mahindra Defence Systems, which is a step-down wholly owned subsidiary of Mahindra and Mahindra. The agreement is expected to be completed on or before December 1. Mah..

Next Story
Infrastructure Urban

RBI Opens Special Dollar Window for Three State-Run OMCs

The Reserve Bank of India (RBI) has opened a special facility to meet the entire daily US dollar requirements of three public sector oil marketing companies (OMCs), in a move aimed at easing pressure on the Indian rupee. The facility will take effect on October 12, 2026, and remain available until further notice. Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum Corporation are eligible to use the arrangement. Under the facility, the RBI will sell US dollars to the three companies through designated banks, allowing them to meet their oil-import payments without sourc..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code