India's shipbuilding or shipyard sector in defence is set to enter a significant growth phase over multiple years, driven by rising capital expenditure, government backing, and strategic requirements in the Indian Ocean Region, as stated in a research report by Phillip Capital. At present, the overall worth of projects either underway or sanctioned in India's shipbuilding/shipyard sector surpasses Rs. 2.3 trillion (US$27.7 billion). This provides enhanced insight over the next few years regarding high-value vessels such as destroyers, frigates, corvettes, submarines, fleet support ships, and aircraft carriers. This significant boost has been given to this Industry, due to the recently revealed Rs. A 697 billion (US$8.4 billion) Shipbuilding and Maritime Development Package designed to position India within the Top Five Shipbuilding Nations globally by 2047. This package includes monetary support, subsidies through interest concessions, refund guarantees, and the creation of eight coastal shipyard hubs to minimise disparities relative to their East Asian competitors. The primary factors contributing to growth have been naval modernisation, as spending on naval fleet acquisition is expected to reach Rs. 244 billion (US$2.9 billion) in FY26 from INR. 93 billion (US$1.1 billion), in addition to the increase in dockyard and project spending by twofold. Over 60 ships are being built for the navy, with an additional 70-80 planned for the future, and local suppliers are already meeting 75% of the defence acquisition requests. The public shipyards are expected to gain from the rising rates of inindigenisationnd exports. The defence exports reached Rs. 236 billion (US$2 billion) in FY25, supporting the argument for the expansion of India's marine power within the increasingly strategic Asia-Pacific region