Page 45 - Policy Economic Report - October 2025

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

cargo demand to give long-term charters to Indian carriers, advancing the Ship Owning and Leasing
(SOL) model, setting up a Maritime Development Fund for affordable vessel financing, and
implementing Shipbuilding Financial Assistance Policy 2.0 with higher support for LNG, ethane, and
product tankers.

The Minister said that under the leadership of Prime Minister Narendra Modi, India’s maritime sector
has seen major changes over the past eleven years. Port capacity has increased from 872 million metric
tons per annum in 2014 to 1,681 million metric tons today, while cargo volumes have gone up from 581
million tons to about 855 million tons. He said that efficiency has also improved with turnaround time
reduced by 48 percent and idle time cut by 29 percent. The Sagarmala Programme has already mobilized
projects worth over Rs 5.5 lakh crore to modernize ports and connect coastal regions.

He said India’s shipyards such as Cochin Shipyard, Mazagon Dock, GRSE Kolkata, HSL Visakhapatnam,
and private yards in Goa and Gujarat are now building world-class vessels. Partnerships like Cochin
Shipyard with L&T and Daewoo for LNG and ethane carriers, and collaborations with Mitsui OSK Lines,
are helping bring global technology into Indian shipyards.

The Minister said that the shipbuilding industry requires long-term planning and steady orders to sustain
infrastructure and skilled manpower. Since many global shipyards are booked for the next six years,
India should encourage them to invest and build ships in India itself.

Looking ahead, he said the maritime sector is expected to attract about Rs 8 trillion in investment and
create around 1.5 crore jobs by 2047. He also mentioned that India is playing a key role in shaping global
trade routes through initiatives like the India–Middle East–Europe Economic Corridor and the
International North-South Transport Corridor, linking Indian ports with Europe, Central Asia, and Africa.

Concluding his address, Shri Puri said that under the leadership of Prime Minister Modi, India sees its
oceans not as barriers but as pathways to growth and prosperity. The country is modernizing ports,
building more ships, promoting green shipping, and creating jobs for its youth. He said that India is ready
to work with global partners to make the maritime sector a strong driver of a developed and self-reliant
Bharat.

Shri Manohar Lal highlighted India’s Leadership in Energy Transitions at G20, KwaZulu-Natal, South
Africa

Shri Manohar Lal, Union Minister for Power and Housing & Urban Affairs, led the Indian delegation at
the G20 Energy Transitions Ministerial Meeting hosted in KwaZulu-Natal, South Africa, under South
Africa’s G20 Presidency.

In his address, the Union Minister emphasized that energy security remains one of the most pressing
global challenges particularly for the Global South, calling for strengthened G20 cooperation to ensure
economic stability, sustainability, and equitable access to energy

Shri Manohar Lal highlighted India’s remarkable progress in achieving its Nationally Determined
Contribution (NDC) target of 50% non-fossil fuel capacity five years ahead of schedule in 2025 itself. He

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