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The National Shipping Board has proposed a five-point roadmap to add 100 vessels

ICICIdirect Research 26 Aug 2026 DISCLAIMER

News: The National Shipping Board has proposed a five-point roadmap to add 100 vessels to India’s merchant fleet over the next five years, under the broader Maritime India Vision 2030 and Maritime Amrit Kaal Vision 2047. The roadmap focuses on fiscal reforms, assured cargo support, competitive financing, regulatory streamlining and ease of doing business, aimed at making Indian-flagged vessels more competitive. The initiative comes as India currently pays nearly $75 billion annually in freight to foreign shipping lines, highlighting the need to expand domestic shipping capacity. The government also aims to quadruple port capacity to 10,000 million tonnes annually by 2047, while developing India into a major global shipbuilding and maritime hub

View: The proposed fleet expansion and policy reforms are positive for the Indian shipbuilding ecosystem, as a larger domestic merchant fleet should create incremental demand for new vessel construction, alongside the government’s broader push to develop India as a global shipbuilding and MRO hub. Cochin Shipyard (CSL), Mazagon Dock (MDL) and Garden Reach Shipbuilders & Engineers (GRSE) are well placed to benefit from increased demand for commercial and specialised vessels, with CSL and GRSE already expanding beyond defence into commercial shipbuilding and green vessels. The opportunity should also benefit suppliers across marine engines, propulsion systems, electrical equipment, navigation and communication systems, pumps, valves and other ship components such as Marine Electricals, Data Patterns and Astra Microwave, while a wider MSME vendor ecosystem would benefit from higher domestic vessel construction.

Impact: Positive

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