Japan’s second-largest shipping company, Mitsui O.S.K. Lines (MOL), is seeking partnerships with Indian firms to build tankers locally, supporting India’s drive to strengthen domestic manufacturing in the maritime sector.
The Indian government is in the process of modernising maritime laws to attract foreign participation in shipbuilding, ports, and shipyards, aiming to cut the country’s freight payments to overseas firms by at least one-third by 2047.
Despite rapid growth in trade—driven by rising energy imports and exports of refined petroleum products—India’s shipping fleet has lagged behind demand. To bridge this gap, the government announced in its February budget the creation of a ₹250 billion ($2.84 billion) Maritime Development Fund, dedicated to long-term financing for shipbuilding and repair infrastructure.
Shipbuilding has been identified as a priority industry under India’s broader initiative to transform itself into a global-scale manufacturing hub, with multibillion-dollar investments planned across key sectors.
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