In a significant strategic move, Prime Minister Narendra Modi has announced a massive allocation of ₹70,000 crore towards shipbuilding under the ‘Make in India’ initiative. This crucial investment comes at a time when global supply chains, particularly in energy, are facing unprecedented disruptions due to ongoing conflicts, most notably the crisis in West Asia.
The Prime Minister highlighted the far-reaching economic consequences of these geopolitical tensions. He noted that the ripple effects are not limited to specific regions but are significantly impacting global trade and economic stability. Energy supply chains, being the arteries of the global economy, have been particularly vulnerable, leading to concerns about volatility and access.
This substantial allocation underscores India’s commitment to bolstering its indigenous manufacturing capabilities and enhancing self-reliance in critical sectors. By strengthening the shipbuilding industry, India aims to not only meet its own strategic and commercial needs but also position itself as a key player in the global maritime sector. This initiative is expected to create numerous jobs, foster technological innovation, and provide a much-needed boost to the nation’s economic resilience in the face of external shocks.
The ‘Make in India’ drive in shipbuilding is a proactive step towards mitigating future supply chain vulnerabilities, ensuring energy security, and reinforcing India’s strategic autonomy on the global stage amidst an increasingly complex international landscape.
Source: Original Article
