OUR BILLS RELATED to the shipping sector were listed during the winter session of Parliament. These bills mark a significant step forward in the development of India's shipping sector – crucial not only for economic growth but also for national security.
Discussions about this sector often focus on the logistics and efficiency of ports, which are undeniably important – but ships are equally vital. India unfortunately lags behind in all the areas of shipping – ownership, shipbuilding, and flagging. India owns just 1,526 ships, with a total gross tonnage capacity of around 13 million. Of these, 487 vessels are engaged in overseas trade. India is at the 18th position with 1.2% of the global shipping capacity.
Further, only 0.77% of the world's ships are registered under the Indian flag. Additionally, India has an almost negligible presence in shipbuilding, with only 0.07% of the global market share. China dominates the industry with 46.6% of shipbuilding measured by gross tonnage, followed by South Korea at 29.2%, and Japan at 17.2%.
This story is from the December 20, 2024 edition of Financial Express Bengaluru.
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This story is from the December 20, 2024 edition of Financial Express Bengaluru.
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