The Maharashtra government has approved a new policy focused on shipbuilding, ship repair, and ship recycling, targeting an investment of INR 66 billion and the creation of 40,000 jobs by 2030. The policy further aims for INR 180 billion in investment and 330,000 jobs by 2047.
According to the policy, development plans include establishing marine shipyard clusters, identifying land for single shipyards and recycling facilities, and providing supportive infrastructure such as roads, power, and water. Land allocation will be managed by the Maharashtra Maritime Board, with options for concessional rates or long-term leases of up to 30 years, including renewal provisions.
The policy offers a 15% capital subsidy on project costs, financial assistance up to INR 10 million for skill development per project, and up to INR 250 million for research and development. It also includes facilitation in acquiring permits and regulatory approvals.
“Ports and waterfronts will be optimally utilized. New Indian ships will be built and repaired within the state, increasing India’s contribution to maritime trade, saving foreign exchange, and enabling recycling of decommissioned ships. The recovered steel and materials will also be reused,” said Nitesh Rane, Minister for Fisheries and Ports. He added, “Financial incentives will encourage private and foreign investors to enter the sector. Skill development initiatives via educational institutions will ensure a pipeline of qualified manpower.”
Currently, India ranks 21st in shipbuilding and 20th in ship repair globally, with about 1% of global shipbuilding share. In ship recycling, India holds a 32.6% global share, placing it second worldwide.
Maharashtra’s new policy positions the state to contribute significantly to national maritime infrastructure goals, with a focus on building domestic capacity and enhancing investment in maritime manufacturing.
Maharashtra Maritime Board is the agency responsible for implementing the policy initiatives and overseeing the sector’s growth.