India’s maritime sector to attract ₹8 trillion investment: Hardeep Singh Puri

By Admin

30 Oct, 2025

India’s maritime industry is steering into a transformative era, set to attract an unprecedented ₹8 trillion in investments and create over 1.5 crore jobs by 2047. Announcing this vision at India Maritime Week 2025 in Mumbai, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri emphasized that India’s economic progress is deeply tied to its maritime strength a key pillar of the Viksit Bharat 2047 roadmap.

The Maritime Engine of Economic Growth

Puri highlighted that over 50% of India’s GDP is linked to external trade, with ports and shipping playing a vital role in sustaining this momentum. India’s GDP now stands at USD 4.3 trillion, reflecting the nation’s expanding global footprint.
“India’s economic progress is inseparable from its maritime strength,” Puri remarked, describing the sector as a cornerstone of trade, innovation, and global partnerships.

At the event inaugurated by Union Home Minister Amit Shah, prominent leaders including Maharashtra CM Devendra Fadnavis, Gujarat CM Bhupendra Patel, and Union Shipping Minister Sarbananda Sonowal joined in emphasizing India’s maritime power. Shah aptly described this era as “India’s Maritime Moment”   marking the nation’s evolution from the Gateway of India to the Gateway of the World.

Strengthening Energy Shipping Capabilities

Currently, 28% of India’s total trade volume is tied to oil and gas, yet only 20% of this cargo is carried by Indian-flagged vessels. This dependence on foreign carriers costs Indian oil companies nearly USD 8 billion every five years funds that could instead strengthen domestic ship ownership.

To address this, Puri unveiled several strategic initiatives:

• Aggregating public-sector cargo demand to ensure long-term contracts for Indian carriers.
  
  

• Implementing the Ship Owning and Leasing Entity (SOLE) model to increase Indian vessel ownership.
  
  

• Launching a Maritime Development Fund for low-cost, long-tenor vessel financing.
  
  

• Introducing Shipbuilding Financial Assistance Policy 2.0 to boost domestic shipbuilding for LNG, ethane, and product tankers.
  
  

India’s heavy reliance on energy imports   88% for crude oil and 51% for natural gas   makes these reforms critical. In FY 2024–25, the crude import bill alone exceeded USD 150 billion, with freight charges forming a major cost component.

Expanding Port and Shipping Infrastructure

Under Prime Minister Narendra Modi’s leadership, India’s port capacity has grown tremendously   from 872 MTPA in 2014 to 1,681 MTPA today. Cargo handling has surged from 581 million tonnes to 855 million tonnes, while average turnaround time has halved from 96 hours in FY 2014–15 to 49.5 hours in FY 2024–25. Idle time at ports has also reduced by nearly 29%, signaling operational excellence.

Puri also drew attention to India’s aviation growth, citing that the first phase of Jewar Airport in Uttar Pradesh will become operational by November 2025. The combined passenger capacity of Jewar and IGI Airport, he noted, will surpass even London’s Heathrow   demonstrating India’s rising global connectivity.

Boosting Domestic Shipbuilding and Global Collaboration

Indian shipyards such as Cochin Shipyard, L&T Kattupalli, GRSE Kolkata, and HSL Visakhapatnam, along with private yards in Goa and Gujarat, are now capable of producing world-class vessels. Collaborations with international players like Daewoo and Mitsui OSK Lines are introducing advanced shipbuilding technologies to India.
“We are not just Making in India   we are preparing to Sail for the World,” said Puri, encapsulating India’s maritime ambitions.

Global Trade Corridors and Future Outlook

India’s maritime growth aligns strategically with emerging global trade routes such as the India–Middle East–Europe Economic Corridor (IMEC) and the International North-South Transport Corridor (INSTC), connecting Indian ports with Europe, Central Asia, and Africa.

With over 11,000 kilometres of coastline and 13 coastal states and Union Territories contributing nearly 60% of India’s GDP, the maritime sector is poised to anchor India’s journey to becoming a developed economy by 2047   powered by sustainability, innovation, and global connectivity.

As Puri stated, India Maritime Week is more than an event it is “a celebration of India’s deep oceanic heritage and its bright future.”