Latest news with #MaritimeAmritKaalVision2047
Hindustan Times
25-07-2025
- Business
- Hindustan Times
India's maritime Amrit Kaal and the pursuit of energy autonomy
In an era when the tides of geopolitics shift with the winds of energy demand, India is charting a course that is both audacious and anchored in its civilisational wisdom. The sea, long a witness to India's trade, invasions, and pilgrimages, is now being reimagined—not as a passive frontier, but as a fulcrum of strategic power. Indian maritime(HT_PRINT) In 2023, Prime Minister Narendra Modi unveiled India's Maritime Amrit Kaal Vision 2047, a landmark declaration that seeks to transform India into a global maritime power by the time it completes a century of independence. The vision is not a policy—it's a paradigm shift. It speaks of modernising ports, building shipyards, fostering maritime clusters, enhancing coastal infrastructure, and most crucially, expanding India's blue economy as a key pillar of national growth. What was once a forgotten shoreline is now a stage for national ambition. The phrase 'blue economy' is no longer a catchword—it has become India's compass for prosperity. With over 7,500 kilometres of coastline, more than 200 ports, and a young shipping sector waiting to be unshackled, the Maritime Amrit Kaal signals that India's true potential may lie not in its landlocked silos, but in its open seas. And nowhere is this more pressing than in the domain of energy security. India's continued import of Russian crude oil—approximately 1.9 million barrels per day in 2025—is not a political alignment but an economic imperative. With 85% of its oil demand met by imports, India has consistently chosen pragmatism over posturing. Russian oil, post-Ukraine war, has been available at heavily discounted prices. For a developing nation balancing inflation, welfare, and defence, the math is clear—even if the optics displease the West. Today, India imports oil from over 30 countries including Iraq, the UAE, Saudi Arabia, Nigeria, the United States, and Brazil. Its procurement framework includes both long-term sovereign agreements and nimble spot-market purchases. The flexibility is intentional—sovereignty must come not just from having oil, but from choosing where, how, and in what currency to buy it. With Donald Trump's return to the White House, the global sanctions regime has been reinvigorated. His administration has hinted at punitive measures for nations transacting with sanctioned entities, including Russia. While India has so far managed to navigate the diplomatic labyrinth skillfully, secondary sanctions on banking systems and shipping logistics remain an ever-present threat. Yet, India's posture is unapologetically sovereign. As Petroleum Minister Hardeep Puri recently stated, India will always prioritise the needs of its citizens over external pressures. The principle is simple: energy security is national security. India's fortunes may be turning below its own waves. The Andaman Sea—a region more known for coral reefs than crude—has emerged as a potential game-changer. Early surveys suggest multiple 'Guyana-scale' discoveries, with over 10 billion barrels of crude possibly recoverable. If validated, this would not only slash India's import dependency, but also catapult it into the league of net exporters, thereby reshaping the regional energy architecture. Imagine India, by 2047, exporting refined crude through its own shipping lines, processed in floating refineries stationed off Port Blair, and traded in a multi-currency format bypassing the petrodollar cartel. That is not a dream. That is a plan. PM Modi's Maritime Amrit Kaal is not just a slogan—it's a strategy. It recognises that a maritime superpower is not defined by naval strength alone, but by shipping lanes, port security, export logistics, fisheries, offshore energy, underwater cables, and eco-marine resilience. The blueprint aims to double the contribution of the blue economy to India's GDP by 2047. That includes unlocking wealth beneath the sea, on the surface, and through global trade. The Chennai–Vladivostok Maritime Corridor is already operational, cutting delivery timelines by 40%. But more corridors are required—not just shipping lanes, but energy arteries. Here are some solutions for India's energy future:- Blue rupee - A non-dollar oil basket: Create a sovereign energy settlement platform using a mix of rupee, ruble, yuan, and dirham. India must institutionalise this to neutralise dollar volatility and sanction vulnerability. Sovereign oil tanker fleet: India must commission its own deep-sea oil tanker fleet under the tricolour, operated and insured by Indian entities. This shields oil logistics from foreign pressure. Floating oil refineries and storage units (forus): Deploy deep-sea refineries and oil depots off the Andaman coast to reduce dependency on inland pipelines, refine closer to source, and create floating strategic reserves. Tech-for-oil barter diplomacy: India can offer pharma, IT, satellite tech, and agri-solutions to oil-rich nations in exchange for long-term energy deals—building a modern barter system. Distributed SPR clusters: Move beyond underground reserves. Build regional, even mobile petroleum reserves along India's coastline and offshore points. This enhances resilience during crises. Indo-pacific energy diplomacy forum: Host an annual summit in Port Blair inviting Indo-Pacific nations to discuss oil corridors, maritime safety, and regional energy cooperation. Let India lead the discourse. A future anchored in the sea: India's path to energy sovereignty must now run through the sea. Whether it is tapping black gold under the Andaman seabed, building a fleet of sovereign tankers, or settling oil payments in the 'Blue Rupee', the ocean is India's new battlefield—not for war, but for wealth, security, and strategy. The Maritime Amrit Kaal Vision 2047 has laid the keel. Now it is for our institutions, innovators, and industrialists to hoist the sail. Because in a century marked by climate volatility, shifting alliances, and digital trade, India's future will not only be built on land—but forged upon water. 'He who commands the sea,' wrote Alfred Thayer Mahan, 'has command of the world.' In 2047, it may well be India holding the helm. This article is authored by Monica B. Sood, chairperson, National Unity & Security Council.
Malaysian Reserve
06-07-2025
- Business
- Malaysian Reserve
HD Hyundai to Transplant 'Korean Shipbuilding DNA' into India
Signed comprehensive MOU for cooperation in shipbuilding with Cochin Shipyard Limited, India, on July 4 To provide ship design, equipment support, and technical collaboration — marking HD Hyundai's full-scale entry into the Indian market 'Accelerating India's national maritime vision — forging new market opportunities through partnership' SEOUL, South Korea , July 5, 2025 /PRNewswire/ — HD Hyundai is joining forces with India's largest state-owned shipyard to strengthen its influence in the Indian and global markets. HD Korea Shipbuilding & Offshore Engineering, the intermediate holding company overseeing HD Hyundai's shipbuilding operations, announced on Sunday, that it has signed a comprehensive Memorandum of Understanding (MOU) with Cochin Shipyard Limited (CSL), India's largest state-owned shipbuilder, to establish long-term cooperation in the shipbuilding sector. CSL, with its main yard located in the southern Indian state of Kerala, Kochi, is the largest shipbuilding yard in India, with the Indian government holding a 67.91% stake. The company has extensive capabilities in the design, construction, and repair of a wide range of vessels, from commercial ships to aircraft carriers. Over the past five years, CSL has successfully delivered a total of 70 vessels, including 60 small commercial ships and 10 naval vessels. Through this agreement, the two companies will pursue strategic cooperation across a range of areas, including design and procurement support for CSL, technical collaboration to enhance productivity and ensure global-quality standards, and the advancement of workforce capabilities through improved training systems. In particular, both parties have agreed to jointly explore new shipbuilding orders in the Indian and international markets. The partnership aligns with India's maritime development roadmaps, including the 'Maritime India Vision 2030' and the 'Maritime Amrit Kaal Vision 2047,' both announced by the Indian Ministry of Ports, Shipping & Waterways to foster growth in the maritime industry. In support of these visions, India established a Maritime Development Fund worth approximately INR 250 billion (KRW 4 trillion) this year and is expanding policy support to strengthen its domestic shipbuilding sector and maritime infrastructure. India's shipbuilding industry has witnessed rapid growth in recent years. According to market research firm Ken Research, the country's shipbuilding and repair market, valued at approximately USD 90 million in 2022, has surged to over USD 1.12 billion by 2024, a more than twelvefold increase. The market is expected to continue expanding at an average annual growth rate exceeding 60% until 2033. Through this partnership, HD Hyundai aims to strengthen its presence in the Indian market, the world's most populous country, while further enhancing its global competitiveness in the shipbuilding industry. 'This collaboration will serve as a springboard for both HD Hyundai and CSL to reach new heights, while also marking a turning point in accelerating India's national maritime vision,' said an HD Hyundai official. 'By leveraging HD Hyundai's accumulated technological expertise and experience, we will support CSL in enhancing its global competitiveness, while also seeking opportunities for shared growth with Korean equipment suppliers.' Meanwhile, HD Hyundai is actively expanding its global collaboration network beyond India. In April, the company signed an MOU with Huntington Ingalls Industries, the largest defense shipbuilder in the United States, followed by a strategic partnership agreement with Edison Chouest Offshore in June. In addition, HD Hyundai has been accelerating efforts to create synergies in the global shipbuilding sector by expanding defense cooperation, such as joint submarine development, with Peru's state-run SIMA shipyard in November of last year. Maritime India Vision 2030 A mid-term strategy established by the Ministry of Ports, Shipping and Waterways (MoPSW) to enhance the competitiveness of India's maritime industry and position the country as a global hub for shipping and shipbuilding. The plan aims to elevate India into the ranks of the world's top 10 shipbuilding nations by 2030. Maritime Amrit Kaal Vision 2047 A long-term maritime development roadmap created to commemorate the 100th anniversary of India's independence in 2047. It identifies sustainable port development and the advancement of the shipbuilding industry as core priorities, with the goal of positioning India among the world's top five shipbuilding nations by 2047. A mid-term strategy established by the Ministry of Ports, Shipping and Waterways (MoPSW) to enhance the competitiveness of India's maritime industry and position the country as a global hub for shipping and shipbuilding. The plan aims to elevate India into the ranks of the world's top 10 shipbuilding nations by 2030. A long-term maritime development roadmap created to commemorate the 100th anniversary of India's independence in 2047. It identifies sustainable port development and the advancement of the shipbuilding industry as core priorities, with the goal of positioning India among the world's top five shipbuilding nations by 2047.
Business Standard
04-07-2025
- Business
- Business Standard
Cochin Shipyard signs MoU with HD KSOE, South Korea
HD Korea Shipbuilding & Offshore Engineering Co. (HD KSOE), South Korea has signed a Memorandum of Understanding (MOU) with Cochin Shipyard (CSL) on 04 July 2025. The MOU is intended to facilitate cooperation between the two companies in the following areas: (i) Joint exploration of newbuilding opportunities in India and abroad; (ii) Sharing of technical expertise to scale up the global standards in shipbuilding; (iii) Identification of initiatives to enhance productivity and capacity utilization; (iv) Joint efforts to upskill and strengthen workforce; and (v) Exploration of potential collaboration in other shipbuilding-related projects. KSOE is a global leader in shipbuilding and marine engineering, with proven expertise in designing and constructing commercial vessels, naval platforms, and offshore infrastructure. KSOE oversees the operations of some of the world's largest shipyards, including Hyundai Heavy Industries, Hyundai Mipo Dockyard, and Hyundai Samho Heavy Industries. This MoU, under which the two companies will pursue strategic cooperation across a range of areas, aligns with the Government of India's vision to develop the country into a global maritime hub under the 'Maritime India Vision 2030' and the 'Maritime Amrit Kaal Vision 2047'. These strategic frameworks are backed by initiatives such as the recently announced INR 250 billion Maritime Development Fund, aimed at accelerating investment in shipbuilding, port modernization, and infrastructure upgrades.
Time of India
04-07-2025
- Business
- Time of India
Cochin Shipyard Partners with HD Korea Shipbuilding for Global Maritime Excellence, ET Infra
Advt By , ETInfra Join the community of 2M+ industry professionals. Subscribe to Newsletter to get latest insights & analysis in your inbox. Get updates on your preferred social platform Follow us for the latest news, insider access to events and more. MUMBAI: State-owned Cochin Shipyard Ltd (CSL) has signed a Memorandum of Understanding (MoU) with one of the world's largest shipbuilders, South Korea's HD Korea Shipbuilding & Offshore Engineering Co. Ltd (KSOE), for long-term cooperation between the two companies in various domains of shipbuilding and maritime development , the Mumbai-listed shipbuilder MoU envisages long-term collaboration, including joint exploration of shipbuilding opportunities in India and abroad; sharing of technical expertise to scale up to the global standards in shipbuilding; identification of initiatives to enhance productivity and capacity utilisation; joint efforts to upskill and strengthen workforce; and exploration of potential collaboration in other shipbuilding-related is a global leader in shipbuilding and marine engineering, with proven expertise in designing and constructing commercial vessels, naval platforms, and offshore infrastructure. It oversees the operations of some of the world's largest shipyards, including Hyundai Heavy Industries, Hyundai Mipo Dockyard, and Hyundai Samho Heavy MoU, under which the two companies will pursue strategic cooperation across a range of areas, aligns with the Government of India's vision to develop the country into a global maritime hub under the ' Maritime India Vision 2030 ' and the ' Maritime Amrit Kaal Vision 2047 '. These strategic frameworks are backed by initiatives such as the recently announced ₹25,000 crore Maritime Development Fund, aimed at accelerating investment in shipbuilding, port modernisation, and infrastructure MoU is a significant step toward strengthening India's shipbuilding ecosystem through global collaboration and knowledge exchange, enhancing self-reliance and competitiveness in the maritime sector, the shipyard said.
Mint
27-06-2025
- Business
- Mint
Mazagon Dock makes first global push, picks majority stake in Colombo Dockyard for $53 million. Details here
In its first-ever international acquisition, Mazagon Dock Shipbuilders Limited (MDL) on Friday announced that it has decided to acquire a controlling stake in Colombo Dockyard PLC (CDPLC), which is Sri Lanka's largest shipbuilding and repair facility. The deal, valued at around $52.96 million, aligns with Maritime Amrit Kaal Vision 2047, which aims to strengthen India's maritime industry. MDL is set to acquire a controlling stake in Colombo Dockyard PLC, Sri Lanka's largest shipyard, in a deal worth up to $52.96 million, marking MDL's first international acquisition, the company said on X (formerly Twitter). The acquired company is located in the Port of Colombo, giving MDL a strategic foothold in the Indian Ocean Region, which is a key maritime corridor. With this deal, MDL begins its transformation from a domestic shipbuilder to a regional maritime player with global ambitions. Aligned with Maritime Amrit Kaal Vision 2047, this move strengthens India's regional maritime influence and expands MDL's global reach, the company said in the official notice. Mazagon Dock is a defence public-sector unit (PSU) and is officially known as Mazagon Dock Shipbuilders Limited. The company specialises in building and repairing warships, submarines, and a wide range of other vessels for the Indian Navy and other clients. The company is India's foremost defence shipyard and a public sector undertaking under the Ministry of Defence. Defence stocks have been in the news lately, as the government is focusing heavily on localisation, increased capital expenditure in the sector, and the 'Make-in-India' initiative, which is driving growth for industrial PSUs.
