Union Shipping Minister Sarbananda Sonowal has announced that 112 vessels will be constructed through joint ventures with oil public sector units, aiming to save USD 75 billion annually in foreign exchange spent on freight charges to foreign shipping lines, and a total of USD 350 billion by 2047.

Speaking at Visakhapatnam Port Authority, the Minister highlighted government initiatives including a comprehensive Rs 69,725 crore package to accelerate shipbuilding, modernisation, and competitiveness. The Shipbuilding Financial Assistance Scheme (SBFAS) has been extended to 2036 with Rs 24,736 crore in funding to support Indian shipyards. Additionally, a Rs 25,000 crore Maritime Development Fund (MDF) was established to enable long-term financing.

The Shipbuilding Development Scheme (SbDS) with Rs 19,989 crore aims to expand domestic capacity to 4.5 million gross tonnage annually. Customs duty exemptions, tonnage tax reforms, and infrastructure status for large vessels are part of the broader effort to create a globally competitive maritime ecosystem. Minsiter Sonowal also welcomed India’s first very large gas carrier (VLGC) ‘Shivalik’ at Visakhapatnam Port.