India has unveiled an ambitious plan to expand its share in global cargo shipping by 2047. Commerce and Industry Minister Piyush Goyal, currently on an official visit to Paris, outlined this vision during a meeting with Singapore’s Deputy Prime Minister Gan Kim Yong, where he stressed the enormous potential of India’s maritime sector.
India aims to boost the presence of Indian-flagged vessels in international waters, with a targeted 20% share of global cargo volume by 2047. At present, foreign ships dominate over 90% of India’s international trade, exposing exporters to volatile freight rates and supply chain disruptions — as seen during the recent Red Sea crisis, which drove costs sharply upward due to rerouted journeys and surcharges by overseas shipping lines.
To address this vulnerability and spur domestic fleet ownership, the Indian government has proposed the creation of a Maritime Development Fund (MDF). This specialised fund will provide financial backing—through both equity and debt—for Indian companies to acquire ships, develop port-linked infrastructure, and strengthen indigenous maritime logistics. The MDF is expected to catalyse investments of up to ₹1.5 lakh crore in the sector by 2030.Speaking after his meeting in Paris, Goyal highlighted the importance of maritime trade in enhancing India’s competitiveness and achieving economic self-reliance. “India is ready to play a bigger role in global shipping. The opportunity to scale our indigenous cargo fleet is both an economic and strategic imperative,” he said.
The bilateral talks with Singapore’s leadership focused not only on shipping but also on deepening trade and investment ties. Singapore, with its advanced port systems and deep involvement in global trade, is seen as a key knowledge and investment partner in India’s efforts to modernise its maritime ecosystem.Goyal’s Paris visit also included high-level meetings with global corporate leaders and ministers, where he pitched India as a manufacturing and logistics hub ready for green investment. Among those he engaged with were the CEOs of French conglomerates Valeo and L’Oréal, as well as senior officials from international financial institutions.
India’s growing emphasis on shipping is rooted in the realisation that maritime strength underpins economic security. With 95% of its trade by volume and 68% by value dependent on maritime transport, the country’s shipping fleet is central to controlling costs, supporting exports, and securing long-term supply chains.In addition to building physical capacity, the Indian government has aligned its maritime goals with its sustainability agenda. Ports are being nudged towards greener fuels, shore-to-ship electrification, and zero-emission operations under India’s net-zero transition framework. These moves resonate with global partners, particularly in Europe and ASEAN, where climate-aligned trade infrastructure is becoming the norm.
With 2047 marking 100 years of Indian independence, the cargo fleet expansion goal forms part of the broader ‘Amrit Kaal’ economic blueprint. While private participation and international collaboration will be essential, the policy signals are clear—India wants to be counted among the world’s maritime powers and is preparing the institutional framework, capital incentives and diplomatic channels to get there.
As India steps into a critical decade of infrastructure build-out, its maritime ambitions are not only about tonnage or fleet numbers, but about securing trade sovereignty, attracting sustainable investment and ensuring that the future of Indian logistics is both globally competitive and domestically anchored.
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