The shipping and logistics industry is hoping that the government announces a slew of fresh measures to boost the industry and help India increase its share in the global map. With the ‘China + 1’ theme, India’s shipping infrastructure needs significant support to meet the world’s demands.
Currently, India has a mere 0.05 percent of the global market-share in shipbuilding. This is significantly lower than China (~47 percent), South Korea (~30 percent), and Japan (~17 percent), which currently dominate the industry.
Any emphasis on improving shipping infrastructure and promoting indigenous shipbuilding will positively impact the sector, say experts. Ahead of the interim budget in 2024, the Prime Minister had launched the ‘Maritime Amrit Kaal Vision 2047’, in order to support the country’s shipping, logistics, and infrastructure sector.
The Amrit Kaal Vision 2047, formulated by the Ministry of Ports, Shipping & Waterways, builds on the Maritime India Vision 2030 and aims to develop world-class ports and promote inland water transport, coastal shipping, and a sustainable maritime sector.
Industry players hope that the government will build on this momentum and allocate further resources towards the growing sector. It is expected form shipping industry that there will be more capex allotment to the ports infrastructure and announcement of measures to boost Maritime Amrit Kaal Vision 2047 announced by the Prime Minister.
In a similar context, industry is of the view that the announcement of India’s Maritime Development Fund (MDF) for long-term indigenous manufacturing projects and the anticipated Shipbuilding Subsidy (SBS) Policy 2.0 could further strengthen the ecosystem, encouraging greater self-reliance and competitiveness.
