India to Invest Rs 85,000 Crore in Homebuilt Oil Tanker Fleet by 2040

In a strategic move to bolster energy security and advance its "Make in India" initiative, the Indian government has unveiled an ambitious plan to invest Rs 85,000 crore to acquire 112 domestically built crude oil tankers by 2040. This initiative, driven by the shipping and petroleum ministries, aims to reduce India’s reliance on foreign-chartered vessels and strengthen its maritime capabilities, according to sources familiar with the matter.

India, one of the world’s top oil importers, currently depends on leased foreign tankers, many of which are old and outdated. This new plan will modernize the fleet, starting with an order for 79 ships, including 30 medium-sized ones. Ordering 10 tankers this month, all to be built in India, though the country may team up with foreign partners for expertise.

Key Highlights:

• India plans to invest ₹85,000 crore to build 112 crude oil tankers by 2040, slashing dependence on foreign vessels.
• With shipbuilding centers coming up across four states, India aims to raise its domestic tanker share from 5% to 69% by 2047
• This move boosts Make in India, energy security, and job creation—marking a bold step toward maritime self-reliance

The goal is to increase the share of Indian-made tankers from just 5% now to 7% by 2030 and a whopping 69% by 2047, when India hopes to be a fully developed economy. This push is expected to create thousands of jobs, grow the local shipbuilding industry, and make India less dependent on global supply chains. To make it happen, the government is investing Rs 20,000 crore in four new shipbuilding and repair centers in Odisha, Andhra Pradesh, Gujarat, and Tamil Nadu.

Even as the world moves toward cleaner energy, India’s demand for oil is set to soar. Its oil refining capacity is expected to jump from 250 million tons to 450 million tons by 2030 to meet growing needs both at home and abroad. A reliable, Indian-built fleet is key to keeping the energy flowing smoothly.

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People in the industry are thrilled, saying this could put India on the map as a major shipbuilding hub. Talks are already happening with big names like Japan’s Imabari and South Korea’s HD KSOE to bring in know-how. This ambitious plan shows India’s determination to take charge of its energy future and build a stronger, self-reliant nation.