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The Indian shipbuilding and ship repair industry is likely to reach Rs 9,200 crore from the current level of just over Rs 7,310 crore and is growing at a CAGR of about 8 per cent, according to apex industry body Assocham.
India accounts for just about one per cent of the global shipbuilding industry worth about Rs 7.3 lakh crore, a study 'Shipbuilding Industry in India: An overview' said.
The global shipbuilding and ship repair industry is growing at a CAGR of about 24 per cent and is likely to reach Rs 14 lakh crore by 2015 owing to rising global sea borne trade.
"Lower costs of labour, availability of skilled workforce together with robust demand in the domestic market and a growing steel industry are certain factors that build up a strong case for shipbuilding sector in India," said Mr D.S. Rawat, Secretary-General of Assocham.
"For a well-balanced and comprehensively developed domestic shipbuilding and ship repair industry, the Government should provide fiscal incentives to develop strong research and development facilities, designing capabilities and set up an auxiliary base to encourage the growth of the sector," said Mr Rawat.
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