New Delhi, Aug. 25 -- India plans to add 100 vessels to its merchant fleet over the next five years as the government seeks to reduce dependence on foreign shipping lines and retain a larger share of the freight it pays to transport critical cargo overseas.

The plan, discussed at the National Shipping Board's (NSB) first 'Sagar Samvad' event on Tuesday, is part of a broader five-pillar roadmap aimed at making Indian-flagged shipping more competitive and helping the country emerge as one of the world's top five ship-owning nations by 2047.

India currently pays close to $75 billion annually to foreign shipping lines to transport cargo including crude oil, natural gas, coal and urea, minister of state for ports, shipping and waterways Shan...