Union Minister for Petroleum and Natural Gas, Shri Hardeep Singh Puri, highlighted the vital synergy between India’s energy security and maritime strength at the ‘Revitalizing India’s Maritime Manufacturing Conference’ in Mumbai, a flagship event of India Maritime Week 2025.
Economic and Energy Landscape
India’s rapid economic expansion, with GDP at $4.3 trillion, is powered by vigorous trade and energy demands. Nearly half of the national GDP stems from the external sector, underscoring the importance of shipping and maritime logistics. India’s energy consumption now reaches about 5.6 million barrels of oil per day—a figure projected to hit 6 million soon. The International Energy Agency estimates India will drive nearly 30% of global energy demand growth over the next two decades.
Shipping, Imports, and Strategic Vision
India annually imports nearly 300 million metric tons of crude and petroleum products, while exporting around 65 million metric tons. Oil and gas constitute 28% of all port-handled cargo, making the shipping sector an essential link in national energy security. Yet, only 20% of total cargo is carried on India-flagged or owned vessels, creating both a policy challenge and an opportunity to boost indigenous ship ownership and manufacturing.
To address this, the government is leveraging schemes like Ship Owning and Leasing (SOL), a Maritime Development Fund, and Shipbuilding Financial Assistance Policy 2.0 (with emphasis on LNG/ethane carriers). PSU cargo aggregation, affordable vessel financing, and long-term charters are designed to promote a modern fleet under Indian ownership.
Maritime Manufacturing and Infrastructure Growth
Major reforms have expanded port capacity from 872 MMT in 2014 to 1,681 MMT today, with cargo volume surging from 581 MMT to 855 MMT. Efficiency has improved, with turnaround time reduced by 48% and idle hours by 29%. Projects worth Rs 5.5 lakh crore, including Sagarmala and dedicated maritime corridors, are modernizing infrastructure. India’s shipyards—public and private—are building world-class vessels, forging partnerships with entities like L&T, Daewoo, and Mitsui OSK to bring advanced tech to India’s maritime sector.
Investment, Jobs, and Global Integration
The maritime sector is poised to attract Rs 8 trillion in investment and create 1.5 crore jobs by 2047. With initiatives like the India–Middle East–Europe Economic Corridor and North-South Transport Corridor, India is actively reshaping global trade routes and investing in next-generation green shipping.
Conclusion
India’s holistic strategy—spanning port modernization, domestic shipbuilding, and global engagement—is transforming its maritime and energy sectors. With a focus on security, self-reliance, and sustainable growth, India’s oceans are becoming vital corridors of national prosperity and global influence.
For more real-time updates, visit Channel 6 Network.
Source: PIB
