India could become the next hub of shipbuilding with its wealth of opportunities in every segment of the industry, says shipping minister, G K Vasan. Speaking earlier this week, Mr Vasan highlighted the need for to follow in the footsteps of major economics like USA, some European countries, Japan and Korea to establish a “vibrant” shipbuilding industry, more shipyards, and ship repair facilities in the Indian Ocean area.

“The emerging economies like India are slated to be the next hubs for shipbuilding. In order to realise the true potential, we have set long term targets for shipbuilding which are being actively pursued”, he said to The New Indian Express.

He added that India’s long term plan for shipbuilding began this week with the launch of the INS Vikrant, an aircraft carrier.

In the commercial segment, Mr Vasan says there’s a requirement for ships in every category like oil tankers, bulk carriers and offshore support vessels, as well as research and seismic vessels.