India targets 100 new merchant vessels over five-year period

India is charting an ambitious course to strengthen its maritime capabilities with plans to add 100 merchant ships to its fleet within five years, according to shipping ministry officials. The expansion represents a significant push to boost the country's domestic shipping industry and reduce dependence on foreign vessels for international trade.

The modernization strategy encompasses three key pillars: incentivizing the reflagging of Indian-owned vessels currently registered under foreign flags, providing support for domestic shipbuilding, and introducing fiscal reforms to make Indian shipping more competitive. These measures are designed to create a more robust maritime sector capable of handling India's growing trade volumes.

The initiative reflects broader government efforts to enhance India's maritime infrastructure and establish the nation as a significant player in global shipping. By bolstering the domestic fleet, India aims to improve its control over international trade routes, create employment opportunities in the maritime sector, and strengthen economic resilience.

Shipping officials have emphasized that the expansion plan will require coordination between government agencies, shipbuilders, and industry stakeholders. The fiscal reforms under consideration are intended to address longstanding competitiveness challenges faced by Indian shipowners relative to foreign counterparts.