SCI should lead India's maritime strength: Sarbananda Sonowal
Union Minister Sarbananda Sonowal urges SCI to lead India's shipbuilding drive to reduce the $75 billion foreign exchange outflow to foreign liners.
Union Minister of Ports, Shipping and Waterways, Sarbananda Sonowal, has called upon the Shipping Corporation of India (SCI) to take a front-seat role in driving the nation toward self-reliance in shipbuilding and maritime capacity. Speaking at a ceremony in Mumbai to mark 65 years of SCI operations, the Minister emphasized that a robust national fleet is essential for India to achieve its goal of becoming a global shipbuilding powerhouse.
Addressing the $75 Billion Outflow
One of the most striking revelations during the event was the massive economic dependency on foreign entities. Minister Sonowal highlighted a significant gap in India's maritime logistics, noting that Indian-flagged vessels currently handle only 5 per cent of the nation's export cargo. The remaining 95 per cent is managed by foreign shipping liners.
This reliance comes at a steep price for the national economy. According to the Minister, this dependency results in an estimated annual foreign exchange outflow of approximately $75 billion. By strengthening domestic capabilities through SCI, the government aims to plug this massive leak and bolster the "Atmanirbhar Bharat" vision.
Maritime Security and Global Disruptions
The Minister pointed out that maritime capacity is not just about trade; it is a matter of national security. He cited recent geopolitical tensions and disruptions in the Red Sea, the Black Sea, and the Strait of Hormuz as clear evidence that shipping capacity is directly linked to economic and energy security. He specifically lauded SCI's performance during the recent Strait of Hormuz crisis as a testament to its role in safeguarding the nation's interests.
The Vision for 2047
Under the Maritime Amrit Kaal Vision 2047, India has set ambitious targets to transform its standing on the global stage. The roadmap includes:
- Placing India among the world's top ten nations in shipping tonnage by 2030.
- Ascending to the top five nations by 2047.
- Transitioning from merely owning ships to becoming a premier nation for building them domestically.
"Under the visionary leadership of Prime Minister Shri Narendra Modi ji, India is no longer content to simply own ships — we are determined to build them, right here at home," Sonowal stated, framing SCI's growth as a pillar of the "Viksit Bharat" ambition.
A Legacy of Growth
Founded in 1961 with just 19 vessels, SCI has evolved into a massive, diversified maritime enterprise. Today, the company operates 58 vessels, totaling 5.26 million deadweight tonnage (DWT). Its extensive portfolio includes:
- Crude and product tankers
- Bulk and container shipping
- LPG and LNG carriers
- Offshore services and project cargo
- Passenger and coastal transport
- Shipbuilding consultancy and ship management
The event also saw participation from Maharashtra's Minister for Fisheries and Ports, Nitesh Narayan Rane, who emphasized the importance of the shipping ecosystem for employment and trade in Mumbai. Additionally, Vijay Kumar, Secretary of MoPSW, noted that SCI serves as a "second line of defence" during national emergencies and praised the company's financial resilience despite the cyclical nature of the shipping industry.