India aims for 5% of global shipbuilding output by 2017

India’s shipbuilding industry which currently accounts for only about one per cent of the global shipbuilding market, is targeting a world share of 5% by 2017, Union shipping minister GK Vasan said yesterday.?“Shipbuilding in the country has a high growth potential owing to certain inherent strengths like low labour costs, strong domestic demand, a well established steel and manufacturing industry and availability of technically qualified manpower,” Vasan said in his speech on the inaugural day of the international maritime technology conference here.?From about one per cent of the global shipbuilding market, India is targeting a global share of five per cent by 2017, he said.