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, including tankers, LNG carriers, cargo ships, and dry bulk carriers, make up India's fleet at the moment.

The oil and shipping ministries of India came up with a plan to bridge this gap by utilising the Shipping Corporation of India's expertise in tanker ownership, purchase, and operations to enable state-run oil corporations to work with the new shipping company. To create a comprehensive plan for this endeavour, a cooperative working group comprising leaders from the government and industry was formed in January.

The newly formed company would have its headquarters at Gujarat's GIFT IFSC, a financial hub created to compete with centres like Singapore by offering tax breaks and streamlined rules. A maritime development fund worth over 300 billion rupees ($3.6 billion) in collaboration with major port authorities will provide seed money to the company. Furthermore, rather than arranging one-way trips or brief charters, state-run companies are urged to enter into 15-year charter agreements with the new company in order to provide low-cost, long-term loans for shipbuilding. By using this strategy, state-run businesses can also invest in the newly formed shipping and leasing company.

With the help of this strategic strategy, India hopes to become more independent in its maritime trade and drastically cut the amount of goods it sends overseas.

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, including tankers, LNG carriers, cargo ships, and dry bulk carriers, make up India's fleet at the moment.

The oil and shipping ministries of India came up with a plan to bridge this gap by utilising the Shipping Corporation of India's expertise in tanker ownership, purchase, and operations to enable state-run oil corporations to work with the new shipping company. To create a comprehensive plan for this endeavour, a cooperative working group comprising leaders from the government and industry was formed in January.

The newly formed company would have its headquarters at Gujarat's GIFT IFSC, a financial hub created to compete with centres like Singapore by offering tax breaks and streamlined rules. A maritime development fund worth over 300 billion rupees ($3.6 billion) in collaboration with major port authorities will provide seed money to the company. Furthermore, rather than arranging one-way trips or brief charters, state-run companies are urged to enter into 15-year charter agreements with the new company in order to provide low-cost, long-term loans for shipbuilding. By using this strategy, state-run businesses can also invest in the newly formed shipping and leasing company.

With the help of this strategic strategy, India hopes to become more independent in its maritime trade and drastically cut the amount of goods it sends overseas.