Overview

• India's $10 billion initiative aims to acquire 112 crude oil tankers by 2040, all built domestically, to reduce reliance on foreign-owned vessels.
• The first phase includes the procurement of 79 tankers, with an initial order for 10 vessels expected by the end of May 2025.
• The plan mandates that all vessels must be constructed in India, including through collaborations with global shipbuilders like HD Hyundai and Samsung Heavy Industries.
• India seeks to raise its share of locally built tankers from 5% currently to 7% by 2030 and 69% by 2047, aligning with its broader energy and industrial goals.
• Parallel efforts include doubling crude refining capacity to 450 million tonnes annually by 2030 to meet growing domestic and export demands.