Indian shipping companies have indicated that not only have they been unaffected by the global credit crisis, but that it is a “blessing in disguise” for the Indian economy as it uses the period of downturn to shift attention on internal development and growth.

Managing Director of Bibby Ship Management’s Mumbai office, Prakash Agarwal said that in stark contrast with the majority of global shipping operations, India is acting positively against the world recession by using the time to invest in much-needed infrastructure and “to focus on and balance its own economy”.

He added: “India’s growth is not depending on external factors, it is the internal factors that are influencing it, a growth in its own stealth. Macro economics are not relevant at this time as exportation from India will continue. It will use the capacity of this period to build up its own industry,” Mr Agarwal said.

“India has not been affected at all. The slowdown might also bridge the gap between the previous shortage of workers and competent and qualified officers. There is likely to be concentration of better quality crew as a result, and where maintenance costs of ships were previously high because of poorly qualified crew, the maintenance costs for shipowners will be brought down by better quality crew,” he added.

Sandeep Mehta, CEO of India’s new and extensive development project, Mundra Port & Special Economic Zone, emphasised that despite the global downturn, India has not been affected, but it needs investment into infrastructure

“Now is the time to build. India is becoming a significant part of the global economy and it is important to invest for long-term benefit. The shipping industry is cyclical, and the current climate is not of any concern as it is providing other opportunities for internal development projects,” he added.

Currently undergoing some extensive schemes, India seems to be approaching the world economic situation with proactive and forward-thinking optimism. The Pipavav Shipyard expansion scheme also demonstrates its indifference to the credit crunch, as CEO Ray Stewart asserted.

“We have seen no order cancellations in India - there is still a large demand for newbuilds, and in a way it is like a cloud with a silver lining. It is a positive thing for India because it means that engines and machinery become available, allowing investment in infrastructure,” Mr Stewart said.

Shipmanagement companies and operators are maintaining the notion that while the market is in a period of downturn, it will return, and the situation has offered a window of opportunity for some imperative infrastructure for India as it focuses on longer term investment and crucial economic growth.