Economic Survey 2023-24: 39 shipyards registered, 18 benefit under Shipbuilding Subsidy Policy Scheme

A total of 39 shipyards have registered under the Centre’s scheme to provide financing to Indian shipbuilders for shipbuilding contracts signed between April 1, 2016 and March 31, 2026, and 18 shipyards have availed the benefits, according to the economic report.

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

Its vision is to reduce the average vessel turnaround time (containers) by 2020 to less than 20 hours by 2030. It also aims to increase the average ship’s daily output (gross tonnage) from 16,000 by 2020. 30,000 by 2030.

Among the shipbuilding contracts, the survey was referred to Udupi Cochin Shipyard Ltd., 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 Pradhan Mantri Matsya Sampada. Yojana. An international ship repair facility was commissioned at Cochin Shipyard Limited in January 2024, the survey noted. „The new dry dock allows for the construction of future aircraft carriers and larger ships, including repairs.”

Focus on coastal shipping, inland water transport

The economic survey noted that the government’s drive to promote coastal shipping has helped increase gross tonnage from 1.19 million GT with 846 vessels on April 1, 2014 to 1.72 million GT with 1039 vessels on April 1, 2024.

Capital expenditure of Inland Waterways Authority of India for FY24 is ₹1010.5 crore. Based on feasibility and detailed project reports prepared for 106 new National Waterways (NWs), technical interventions are planned for safe navigation and shipping on technically feasible waterways. “More than 63% of Jal Marg Vikas project in NW-1 has been completed till 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) Corridor, jointly developed by India and Bangladesh at a cost of ₹305.84 crore, provides alternative connectivity to all North Eastern states from Guwahati and Jogikopa to Kolkata and Haldia ports. The survey added that due to the initiatives taken in the last nine years, cargo handled on the IBP route has increased significantly.

With rivers, canals and other waterways in India totaling about 14,500 km in length, the promulgation of the Inland Navigation Act 2021, which is over 100 years old, aims to replace the Inland Navigation Act, the survey said. In 1917, the legislature made the structure more user-friendly.