Shipbuilding industry to grow 30% annually

The Indian shipbuilding industry is on a high growth trajectory and is expected to grow at a compound annual growth rate (CAGR) of 30%. In a recent report, I maritime, a consultancy firm, has said that India’s share in global order book is expected to be around 15 % by 2020 from current 0.4%, aided by cost competitiveness and skilled manpower. The industry, estimated to be $22 billion by 2020, currently contributes less than 0.1 % towards the GDP, a figure which will rise upto 1.1% by 2020.