New Delhi, July 1 -- From attracting export orders from global shipping companies to rolling out financial incentives and planning mega shipbuilding clusters, India is making its most ambitious push yet to emerge as a global shipbuilding destination.

Mint explains why the government believes the timing is right to transform the country into a global shipbuilding hub.

The country's renewed focus on shipbuilding is driven by a combination of geopolitical shifts, global supply chain diversification and its ambition to become a major manufacturing nation.

It currently accounts for less than 1% of global shipbuilding, a market overwhelmingly dominated by China, South Korea and Japan. But New Delhi sees an opportunity as shipping companies l...