FOUR 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 Mumbai.
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This story is from the December 20, 2024 edition of Financial Express Mumbai.
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