India to Expand Fleet with 1,000 New Ships in Major Maritime Boost

The new firm will be a joint venture between international and state-run entities. In an effort to reduce its dependency on foreign shipping services and take advantage of growing trade revenue, India plans to create a new shipping firm and increase the size of its fleet by at least 1,000 ships over the course of the next ten years. This programme is a component of Prime Minister Narendra Modi's plan to make India a developed country by 2047. The new shipping company, which has not yet been given a name, will be a joint venture between the state-owned Shipping Corporation of India, international partners, and state-run businesses in the oil, gas, and fertiliser sectors. By 2047, this strategic partnership hopes to cut India's freight costs to foreign carriers by one third, according to anonymous government sources. As we increase our exports and imports by 2047, current projections indicate that freight expenses will grow to $400 billion, a government source with firsthand knowledge of the situation told Reuters. Indian businesses spent $85 billion on goods in the 2019–20 fiscal year, of which $75 billion went towards employing foreign boats. India's slow growth of its shipping fleet in comparison to its rapid trade, especially in energy imports and refined oil product exports, is the reason for the country's considerable reliance on foreign carriers. Approximately 1,500 large boats,