The VOC Port Authority in Chennai, India, is in discussions with the Hyundai Group, specifically HD-Korea Shipbuilding and Offshore Engineering, to potentially establish a shipbuilding facility in Thoothukudi. The aim is to boost India's fleet size by adding 1,000 new vessels in the next decade to lessen the country's dependence on foreign shipping entities. The Ministry of Port, Shipping, and Waterways, along with Invest India, facilitated the initial talks to explore this partnership. Moreover, the VOC port is also working towards becoming India's green hydrogen hub by planning to set up a pilot plant with a daily capacity of 10 tonnes to gain experience in various aspects of green hydrogen production and utilization. The government is looking to revamp the Shipbuilding Financial Assistance Policy as part of its initiatives to support the maritime industry, which includes promoting a circular economy by providing credit notes for shipbreaking in Indian yards. Additionally, plans are underway to establish a Maritime Development Fund of `25,000 crore with a significant government contribution to provide long-term financing for the maritime sector.