The maritime sector plays a crucial role in driving India’s vast economy. Nearly 95% of the country’s trade by volume is conducted through the sea. This sector not only supports India’s imports and exports but also strengthens its position in the global supply chain.
The government has set ambitious goals for the maritime industry through long-term plans such as the Maritime India Vision 2030 and the Maritime Amrit Kaal Vision 2047 (MAKV 2047). These initiatives aim to elevate India’s maritime sector to new heights.
Let us understand how this sector is accelerating India’s economic growth.
What’s Happening?
Whether it is crude oil, textiles, or electronics, everything moves through ports. India has a coastline of about 7,500 kilometres, 12 major ports, and over 200 minor ports, giving it a strong strategic advantage in international trade. Over the past decade, this sector has undergone a significant transformation.
Under MAKV 2047, the government has set an investment target of about Rs 80 lakh crore to develop this sector. Additionally, under the Maritime India Vision 2030, nearly 150 strategic initiatives and investments worth Rs 3 to 3.5 lakh crore focus on port modernisation, expansion of shipping capacity, and strengthening of inland waterways. The recently announced Rs 69,725 crore shipbuilding package has further boosted growth in this sector.
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Capacity Expansion and Turnaround Time
In India, about 95% of trade by volume and nearly 70% of trade by value takes place through sea routes. These figures clearly show the economic significance of the maritime sector.
According to data, the capacity of ports has doubled from 1,400 million tonnes per year to 2,762 million tonnes, while cargo handling volumes have increased from 972 MMT to 1,594 MMT. In FY25, major ports handled 855 million tonnes of cargo, up from 819 million tonnes in the previous year.
During this period, several notable improvements took place. The vessel turnaround time reduced from 93 hours to 48 hours, the operating ratio improved from 73% to 43%, and the net annual surplus rose from Rs 1,026 crore to Rs 9,352 crore.
India’s shipbuilding industry reached $1.12 billion in 2024. However, India currently ranks 22nd in the global shipbuilding industry, with a market share of less than 1%. In contrast, China, South Korea, and Japan together control nearly 93% of the global market.
The global shipbuilding market is projected to grow from $146 billion to $195 billion by 2030, creating significant opportunities for India’s shipbuilding sector.
The government has outlined a clear roadmap under the Maritime India Vision 2030 and Amrit Kaal Vision 2047, aiming to position India among the top 10 shipbuilding nations by 2030 and the top 5 by 2047. In this direction, the Rs 25,000 crore Maritime Development Fund announced in the Budget 2025 is a significant step. It is designed to provide affordable and long-term financial support for shipbuilding and infrastructure projects.
What’s in it for Investors?
The maritime sector offers multiple investment opportunities as India pursues bold initiatives to rank among the world’s top ten by 2030. Firstly, the government’s proposed investment of about Rs 80 lakh crore will open up strong potential for companies involved in infrastructure, ports, shipbuilding, and inland waterways.
Secondly, although India’s current share in global shipbuilding is small, the country has set a clear goal to become one of the top five shipbuilding nations by 2047. This means investors can explore opportunities not only in established companies but also in emerging ones operating within these rapidly growing sectors.
What’s Next?
India’s maritime sector is now moving beyond ports and rapidly expanding toward the development of inland waterways. The country has declared 111 national waterways, aiming to increase the share of waterways in logistics from the current 2% to 5%. The government plans to handle 500 MTPA of cargo through inland routes by 2047, making transportation both cost-effective and environmentally sustainable.
Under the Sagarmala Programme, 840 projects are being developed at an estimated cost of Rs 5.8 lakh crore by 2035. Alongside this, the Maritime Amrit Kaal Vision 2047 has outlined investments of around Rs 80 lakh crore for ports, shipbuilding, green shipping, and waterways. This initiative marks a major step toward making India a global leader in maritime trade and giving fresh momentum to the blue economy.
*The article is for information purposes only. This is not investment advice.
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