This fund is envisioned as a corporate entity with a 21 per cent government stake. The rest of the money will be pooled from various sources, including foreign direct investment. The aim here is to revitalise our maritime infrastructure and rejuvenate the shipbuilding sector. Of course, much depends on the effective deployment of the fund to ease the business, to build world-class infrastructure and enhance productivity.
Shipbuilding
Shipbuilding comprises four segments-naval shipbuilding, commercial shipbuilding, specialised ships and large deep-sea fishing vessels. Smaller craft, such as small fishing boats, sailing craft, yachts and pleasure craft, are not included in 'shipbuilding' per se, but it is a segment with potential.
India's share of global shipbuilding is a measly 0.06 per cent. In stark contrast, China, Korea and Japan account for more that 85 per cent of global shipbuilding. There is definitely something right that these countries are doing and India is not. After all, building world-class ships is well within our national capability.
This is among the many aspects of maritime infrastructure in India that needs correction.
Naval shipbuilding
Naval shipbuilding involves constructing warships and submarines-tasks far more complex than building commercial ships.
In general, warships and submarines are smaller and hence their design intricacies are complex. Their robustness, redundancy, shock resistance and damage control standards are stringent. Additionally, their safety requirements are extensive, as they must carry ammunition, operate aircraft and fight through damage in combat.
The overall technical complication is high because of the need to integrate weapons, sensors, machinery and equipment. Despite these challenges, India's naval shipbuilding has progressed faster than its commercial counterpart, primarily due to two reasons:
This story is from the December 29, 2024 edition of THE WEEK India.
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This story is from the December 29, 2024 edition of THE WEEK India.
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