Maritime sector needs investment of $1 trn by 2047: MoPSW Secy

Maritime Sector Needs $1 Trillion Investment by 2047: A Vision for India's Blue Economy

The maritime sector has always been a cornerstone of India's economic development, with its extensive coastline and strategic location. To realize the full potential of this sector, the Ministry of Ports, Shipping, and Waterways (MoPSW) has outlined an ambitious plan requiring an investment of $1 trillion by 2047. This visionary roadmap aims to position India among the top 10 maritime nations globally and unlock unprecedented growth opportunities.

A Transformative Vision for the Future

By 2047, India's maritime sector is expected to undergo a significant transformation, becoming a key driver of economic resurgence. The short-term target involves investing ₹5 lakh crore by 2030 to build the necessary infrastructure and capacity to support this long-term vision. This investment is projected to enhance India's port capacity, modernize facilities, and integrate sustainable practices across the sector.

Expanding Port Capacity

A major component of the plan is to expand India's port capacity to 10,000 million tonnes per annum by 2047, compared to the current 1,630 million tonnes. Over the past decade, major ports have increased their capacity by 47%, handling 820 million metric tonnes (MMT) of cargo annually. This robust growth trajectory underscores the sector's potential to accommodate larger volumes of trade and strengthen India's position in global shipping.

Development of Mega Ports

India is set to develop mega ports that will redefine the shipping landscape. Notable projects include:

Vadhavan Port in Maharashtra: Poised to become the country's largest container port, capable of handling a substantial share of India's containerized cargo.

International Container Transshipment Port at Galathea Bay, Great Nicobar: Strategically located to capture transshipment trade along major global routes, reducing India's dependency on foreign ports.

Promoting Green Shipping and Sustainability

In line with global sustainability goals, India is making significant strides toward decarbonizing its maritime sector. Green hydrogen production hubs are being established at ports like Paradip, Tuticorin, and Kandla. These facilities are expected to commence operations within a year, positioning India as a leader in green energy for shipping. Additionally, renewable energy initiatives and eco-friendly port operations are being prioritized to reduce the sector's carbon footprint.

Advancing Ship Recycling

India's ship recycling industry, particularly at Alang in Gujarat, is set to benefit from the Hong Kong Convention on Ship Recycling, which comes into effect in June 2025. With compliance already in place, Indian shipyards are well-positioned to capture a larger share of the global ship recycling market, further boosting the maritime economy.

Efficiency and Performance Improvements

Modernization efforts have significantly improved operational efficiency at Indian ports. Container dwell time has been reduced to three days, and vessel turnaround time now averages just 0.9 days—a performance metric surpassing many advanced economies. Moreover, nine Indian ports have earned spots on the World Bank's Container Port Performance Index 2023, with Visakhapatnam ranking among the top 20 globally.

The Road Ahead

With these initiatives, India’s maritime sector is on track to become a global hub for trade, logistics, and innovation. The planned $1 trillion investment will not only enhance infrastructure but also foster economic growth, create jobs, and drive technological advancements. By embracing sustainability and efficiency, India is charting a course for a future-ready maritime industry.



Conclusion

The ambitious vision laid out by the MoPSW is a testament to India's commitment to unlocking the potential of its blue economy. With strategic investments and a focus on sustainability, the maritime sector is set to play a pivotal role in shaping India’s economic destiny, ensuring its prominence on the global stage by 2047.