New Delhi, Nov 19 (PTI) India will be among the top 10 global manufacturers of ships by 2030, Union Ports, Shipping and Waterways Minister Sarbananda Sonowal said on Tuesday.

Addressing 'Sagarmanthan - The Great Oceans Dialogue', Sonowal further said the global South will determine the shape of ocean trade in the 21st Century.

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"Given that India has the rich talent pool as well as resources to become a major shipbuilding nation, we are aiming to enter the top 10 of shipbuilding countries by 2030 while working our way to become the world's top 5 by 2047," he said.

The minister also interacted with technical experts on creating a circular blue economy.

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According to an official statement, while the session focused on sustainability at sea as a priority, the discussion attempted to hedge solutions around its many challenges.

India's maritime sector serves as the backbone of its trade and commerce, handling around 95 per cent of the country's trade by volume and 70 per cent by value.

With 12 major ports and over 200 notified minor and intermediate ports, the country's port infrastructure underpins its growing economy.

As the sixteenth-largest maritime nation in the world, India occupies a key position on global shipping lanes. Most cargo ships travelling between East Asia and destinations like America, Europe, and Africa traverse Indian waters, highlighting the nation's strategic importance. The sector's contributions extend beyond trade.

India boasts a fleet of 1,530 ships sailing under its flag as of 2023. Additionally, the country is the third-largest in the world in terms of ship recycling by tonnage.

In the financial year 2024 alone, Indian ports managed 819.22 million tonnes of cargo, a 4.45 per cent rise year-on-year.

This growth aligns with a surge in merchandise exports, which climbed to USD 451 billion in FY23 from USD 417 billion a year ago.

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