The Indian shipbuilding and repair industry will grow at a fast pace to reach Rs 9,200 crore by 2015, Daily Shipping Times reported, citing the ASSOCHAM statistics.
Shipbuilding in India has not been an extremely progressive domain in the past. However, things may change for the sector in the coming days. According to a study done by industry body Associated Chambers of Commerce and Industry of India (ASSOCHAM), the Indian shipbuilding and ship repair industry is likely to reach Rs 9,200 crore by 2015 from the present figure of a little over Rs 7,310 crore.
According to the ASSOCHAM study, on the back of rise in the number of global sea-borne trade, the global shipbuilding and ship repairing industry is growing at a CAGR of about 24% and is likely to reach Rs 14 lakh crore by 2015. Trade activities in India alone has picked up by leaps and bounds in the past few years. While releasing the findings of the study, D S Rawat, secretary general of ASSOCHAM said that lower costs of labour, availability of skilled workforce coupled with a robust demand in the domestic market and a growing steel industry are factors that will drive the shipbuilding sector in India.
According to Subrata Munshi, managing director at Mal SeaNav, a Kolkata based small-sized ship repair and construction company, “The market in India is sure to grow as there are more takers. Trade has increased, and with it the need of ship building, repair and maintenance. This is the best phase for the growth of the sector.”
The overall cargo traffic at major ports in India is about 600 million tonnes (MT) and is likely to reach 1,230 MT by 2015 and 3,000 MT by 2020 growing at a CAGR of about 20%, as per the ASSOCHAM study. Mr Rawat stressed that this will give rise to the need for furbishing ports and shipping infrastructure in order to boost the handling capacity as well as facilitate operation of larger shipments to increase India’s share in global maritime trade.
Shipbuilding in India has not been an extremely progressive domain in the past. However, things may change for the sector in the coming days. According to a study done by industry body Associated Chambers of Commerce and Industry of India (ASSOCHAM), the Indian shipbuilding and ship repair industry is likely to reach Rs 9,200 crore by 2015 from the present figure of a little over Rs 7,310 crore.
According to the ASSOCHAM study, on the back of rise in the number of global sea-borne trade, the global shipbuilding and ship repairing industry is growing at a CAGR of about 24% and is likely to reach Rs 14 lakh crore by 2015. Trade activities in India alone has picked up by leaps and bounds in the past few years. While releasing the findings of the study, D S Rawat, secretary general of ASSOCHAM said that lower costs of labour, availability of skilled workforce coupled with a robust demand in the domestic market and a growing steel industry are factors that will drive the shipbuilding sector in India.
According to Subrata Munshi, managing director at Mal SeaNav, a Kolkata based small-sized ship repair and construction company, “The market in India is sure to grow as there are more takers. Trade has increased, and with it the need of ship building, repair and maintenance. This is the best phase for the growth of the sector.”
The overall cargo traffic at major ports in India is about 600 million tonnes (MT) and is likely to reach 1,230 MT by 2015 and 3,000 MT by 2020 growing at a CAGR of about 20%, as per the ASSOCHAM study. Mr Rawat stressed that this will give rise to the need for furbishing ports and shipping infrastructure in order to boost the handling capacity as well as facilitate operation of larger shipments to increase India’s share in global maritime trade.