With a coastline of approximately 7,517 km, India is strategically located on the world’s shipping routes. Maritime transport is the most economical and sustainable way to transport large goods throughout the world and India handles around 70% in terms of value.
To promote and accelerate the growth of the shipping sector the Government of India has also introduced various fiscal and non-fiscal stimulus for enterprises that operate, develop and maintain ports, inland waterways and shipbuilding in India.
Launched by Hon’ble Prime Minister of India in March 2021, The Maritime India Vision (MIV) 2030 is drafted after consultation with over 350 public and private stakeholders comprising of ports, shipyards and maritime companies. MIV identified over 150 initiatives to boost the Indian maritime sector. They include: increasing cargo and passenger movement through inland waterways, developing best-in-class port infrastructure, enhancing logistics efficiency through technology and innovation, and leading the world in a safe, sustainable & green maritime sector.
Before The Maritime India Vision, the Government launched the Sagarmala Programme in March 2017. Both programmes focus on unlocking additional potential such as annual revenue of US$2.7 Bn targeting 2 million direct and indirect jobs by 2030. Also $123 bn would be invested across 415 projects such as: Coastal Community Development, Port Modernization and New Port Development, Port Connectivity Enhancement, Port-Linked Industrialization.
With an appropriate policy support and a growth in external trade, India’s shipping industry has vast potential to scale new heights and support India’s economic growth.
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