Economic Survey 2023-24: 39 shipyards registered, 18 utilised benefits under shipbuilding financial assistance policy scheme 

Economic Survey outlines India's maritime vision, shipbuilding contracts, coastal shipping growth, and inland waterways development initiatives.

A total of 39 shipyards have registered, and 18 shipyards utilised the benefits under the Centre’s scheme to provide financial support to Indian shipyards for shipbuilding contracts signed between April 1, 2016, and March 31, 2026, according to the Economic Survey. 

“India’s Maritime Vision 2030 outlines over 150 initiatives to improve ports, shipping, and inland waterways and envisions investments of ₹3-3.5 lakh crore. The Maritime Amrit Kaal Vision 2047 outlines over 300 initiatives across 11 key areas to drive growth and development in India’s coastal regions,” according to the Economic Survey 2023-24 tabled in the Parliament on Monday.

“Its vision aims to reduce the average vessel turnaround time (containers) from 25 hours in 2020 to less than 20 hours in 2030. Likewise, it also aims to increase the average ship daily output (gross tonnage) from 16,000 in 2020 to more than 30,000 in 2030.”

On the shipbuilding contracts, the survey referred to the Udupi Cochin Shipyard Limited, a wholly owned subsidiary of Cochin Shipyard Ltd., which in May 2023 flagged off five deep-sea tuna long liner cum gill netter fishing vessels built under the Pradhan Mantri Matsya Sampada Yojana. An international ship repair facility was inaugurated at Cochin Shipyard Ltd. in January 2024, the survey noted. “The new dry dock allows building larger ships, including future aircraft carriers, and repairs.”

The Economic Survey noted that the Government’s push to foster coastal shipping helped increase the gross tonnage from 1.19 million GT as on April 1, 2014, consisting of 846 vessels to 1.72 million GT with 1039 vessels as on April 1, 2024.

Capital expenditure by the Inland Waterways Authority of India for FY24 was ₹1010.5 crore. Based on feasibility and detailed project reports prepared for 106 new National Waterways (NWs), technical interventions have been planned for safe navigation and shipping on technically viable waterways, according to the Survey. “Over 63% of the Jal Marg Vikas Project on NW-1 has been completed as of March 2024. Phase-I development of NW-3, NW-4, NW-5 & 13 new NWs was approved at a cost of ₹267 crore for 2025-2026.”

The Indo-Bangladesh Protocol (IBP) route, developed jointly by India and Bangladesh at an estimated cost of ₹305.84 crore, provides an alternate connectivity for all northeastern States from Guwahati and Jogighopa to Kolkata and Haldia ports. With the initiatives taken in the last nine years, the cargo handled via the IBP route has increased significantly, the survey added.