Puri Charts Vision for Maritime Manufacturing at India Maritime Week 2025

At the 'Revitalizing India's Maritime Manufacturing Conference', held in Mumbai as part of India Maritime Week 2025, Union Minister of Petroleum and Natural Gas, Shri Hardeep Singh Puri, laid out a compelling roadmap to boost India's maritime and energy sectors, linking them directly to the nation's aspirations for economic growth, energy security, and global trade leadership.

With participation from top industry stakeholders, policymakers, and international collaborators, the conference became a crucial platform to align India's shipping, energy logistics, and shipbuilding strategies under the broader vision of Aatmanirbhar Bharat.

Shipping and Energy: Twin Engines of Economic Growth

Shri Puri highlighted the increasingly strategic link between India's energy consumption patterns and the evolving role of its shipping industry. India, now a $4.3 trillion economy, derives nearly half its GDP from the external sector, underscoring the critical importance of maritime trade.

"India's fast-paced growth is intertwined with the strength of our shipping and energy infrastructure," the Minister said.

With India's daily crude oil consumption rising from 5 million barrels to 5.6 million barrels over the past four and a half years—and poised to touch 6 million barrels per day—Puri noted that demand for maritime transport is set to surge, especially for oil, gas, and energy products.

According to the International Energy Agency (IEA), India is expected to contribute nearly 30% of the global growth in energy demand over the next two decades, up from the earlier estimate of 25%.

India's Growing Oil Trade and Shipping Needs

In 2024–25, India imported around 300 million metric tons (MMT) of crude and petroleum products and exported about 65 MMT, with the oil and gas sector accounting for 28% of total trade volume—the largest single commodity handled by Indian ports.

India remains heavily import-dependent, meeting:

• 88% of crude oil needs

• 51% of gas requirements

Shri Puri pointed out that the freight cost per barrel can be significant—around $5 from the US, and $1.2 from the Middle East—making shipping a substantial part of the total import bill.

Over the past five years, public sector oil firms such as IOCL, BPCL, and HPCL have spent nearly $8 billion on chartering ships, a figure he said could have supported the creation of an Indian-owned shipping fleet.

Strengthening India's Maritime Manufacturing Capacity

Despite being the fifth-largest economy, only 20% of India's cargo is transported on India-flagged or India-owned vessels, highlighting a major capacity gap.

To address this, the government is focusing on:

• Aggregating PSU cargo demand for long-term charters to Indian shippers

• Advancing the Ship Owning and Leasing (SOL) model

• Creating a Maritime Development Fund to offer affordable vessel financing

• Implementing Shipbuilding Financial Assistance Policy 2.0, with added support for LNG, ethane, and product tankers

These reforms are expected to revive domestic shipbuilding, encourage long-term investments, and reduce freight dependence on foreign-flagged vessels.

Port and Cargo Infrastructure: A Decade of Transformation

The Minister shared that under Prime Minister Narendra Modi's leadership, the maritime sector has undergone a major transformation:

• Port capacity has nearly doubled from 872 MMT in 2014 to 1,681 MMT in 2025

• Cargo volumes have increased from 581 MMT to 855 MMT

• Turnaround times have improved by 48%, and idle time is down 29%

The Sagarmala Programme has already mobilized projects worth ₹5.5 lakh crore, aimed at modernizing ports, strengthening connectivity, and promoting coastal development.

Indian Shipyards Ready for Global Partnerships

India's shipbuilding ecosystem is gaining momentum, with players like:

• Cochin Shipyard Ltd (CSL)

• Mazagon Dock Shipbuilders (Mumbai)

• Garden Reach Shipbuilders & Engineers (GRSE, Kolkata)

• Hindustan Shipyard (Visakhapatnam)

• Private yards in Goa and Gujarat

Collaborations are key to modernization:

• CSL's partnership with L&T and Daewoo for LNG and ethane carriers

• Ties with Mitsui OSK Lines, bringing in Japanese design and operational expertise

Puri stressed that long-term shipbuilding requires sustained planning, predictable demand, and financial support to scale infrastructure and skilled manpower.

With major global shipyards fully booked for the next six years, India has an opportunity to emerge as a destination for building commercial vessels, including for international clients.

A Maritime Vision for 2047

Looking ahead, the Minister projected:

• ₹8 trillion investment in the maritime sector by 2047

• 1.5 crore new jobs across shipbuilding, logistics, and allied services

He also emphasized India's role in reshaping global trade corridors, especially through:

• India–Middle East–Europe Economic Corridor (IMEEC)

• International North–South Transport Corridor (INSTC)

These initiatives will connect Indian ports to Europe, Central Asia, and Africa, positioning India as a central node in global supply chains.

India's Maritime Future is Now

Concluding his address, Shri Hardeep Singh Puri said India's maritime strategy goes beyond ports and ships—it is about nation-building, energy security, and youth empowerment. He reiterated the vision of viewing oceans as opportunities, not obstacles, and called for global partnerships to transform the maritime sector into a leading force in a self-reliant and developed India.

As India modernizes its ports, scales its shipbuilding capabilities, and expands its presence in global trade corridors, the maritime manufacturing sector is poised to become a pillar of India's economic ascent—one that links the past, present, and future of the nation's growth story.