India has introduced a new Merchant Shipping Bill 2024 to streamline and modernize its maritime sector. The key provisions of the Bill include:
- Relaxed ownership criteria: The Bill expands the eligibility for owning Indian-flagged vessels, making it easier for Indians, NRIs, OCIs, and Indian companies to own ships.
- Facilitating ship recycling: Temporary registration of vessels seeking recycling in India has been introduced to boost the recycling industry.
- Enhanced regulatory oversight: A new regulatory body will be established to oversee vessel and port security.
- Strengthened maritime safety: Stricter regulations have been proposed for marine casualties and pollution prevention.
- Modernized vessel registration: The Bill simplifies the process of vessel registration and introduces provisions for temporary registration and provisional certificates.
By implementing these reforms, India aims to enhance its maritime capabilities, attract more investment, and contribute to global maritime trade.
