Govt Eyes 100 New Vessels to Cut Freight Dependence
What Happened
Shipping Minister Sarbananda Sonowal said the government plans to add 100 new vessels to India's merchant fleet over the next five years. The move is aimed at boosting domestic shipping capacity and reducing the country's annual freight outgo, while strengthening India's maritime ecosystem. India currently has around 1,600 merchant ships.
Key Takeaways
The fleet expansion is part of India's broader maritime strategy to reduce reliance on foreign carriers, lower freight costs, create jobs, and support ambitions to become a stronger global shipping and shipbuilding hub.