India woos Japanese and Korean shipyards

India looks to boost domestic shipbuilding capacity

India is in talks with Japanese and Korean shipyards in a bid to boost its domestic shipbuilding capacity, according to a report by The Economic Times. The move is part of the government's plan to develop India into a shipbuilding hub.

India's shipbuilding industry

India's shipbuilding industry is currently dominated by public sector companies, with private sector players accounting for a small share. The country has a number of shipyards, but they are mostly small and lack the capacity to build large vessels.

The government is keen to develop the domestic shipbuilding industry in order to reduce its dependence on imports and create jobs. It has set a target of achieving a shipbuilding capacity of 4 million deadweight tonnage (DWT) by 2025.

Talks with Japanese and Korean shipyards

India is in talks with Japanese and Korean shipyards to set up joint ventures or partnerships to build ships in India. The government is also offering incentives to shipyards to invest in India.

Japanese and Korean shipyards are among the most advanced in the world and have the technology and expertise to build large vessels. A partnership with these shipyards would give India access to their technology and help it to develop its own shipbuilding industry.

Benefits of developing the domestic shipbuilding industry

Developing the domestic shipbuilding industry would have a number of benefits for India, including:

• Reduced dependence on imports
• Creation of jobs
• Development of technology and expertise
• Boost to the economy

The government is committed to developing the domestic shipbuilding industry and is taking steps to attract investment from Japanese and Korean shipyards.