Wed Sep 25 07:17:51 UTC 2024: ## India Sets Sail Towards Global Maritime Dominance
**New Delhi:** India is charting a bold course to become a global maritime powerhouse, with a comprehensive strategy aimed at catapulting its share in key shipping segments into the top 10 globally by 2030.
The ambitious plan, unveiled by Ports, Shipping, and Waterways Minister Sarbananda Sonowal, involves 12 national missions focused on key areas like shipbuilding, ship recycling, and maritime arbitration. The goal is to drastically reduce reliance on foreign vessels, stimulate domestic shipbuilding, and create a global maritime hub by 2047, driven by the ‘Make in India’ initiative.
The strategy, outlined in a recent interview with Mint, focuses on strengthening India’s presence across the entire maritime value chain. This includes the establishment of mega shipbuilding parks on both coasts, attracting foreign investment and promoting the use of Indian-owned, Indian-flagged, and domestically produced vessels in trade.
To further bolster the sector, a dedicated Maritime Development Fund, with a corpus of ₹25,000 crore, is being established. The fund, supported by government contributions, public sector undertakings, and private investors, aims to provide long-term financing for the industry.
Recognizing the importance of a robust maritime insurance framework, the Ministry is exploring the creation of a domestic protection and indemnity (P&I) entity known as the ‘India Club’. This will provide third-party maritime insurance for coastal shipping and inland waterways, reducing the country’s dependence on international providers.
The plan also includes major infrastructure projects, such as the recently approved ₹76,220 crore port at Vadhavan in Maharashtra, which will create over 1.2 million jobs. A mega port at Galathea Bay in the Andaman & Nicobar Islands is also in the pipeline, aimed at capturing transhipment cargo currently handled outside India.
To streamline cross-border trade, the government is pushing forward the India-Middle East-Europe Economic Corridor (IMEC), linking Indian ports with key regional partners. The MAITRI platform, designed as the backbone of the Virtual Trade Corridor, will facilitate secure and efficient sharing of trade data.
India’s commitment to becoming a global maritime hub is evident in its comprehensive approach, focusing on both infrastructure development and policy reforms. This ambitious plan promises to not only boost the country’s maritime sector but also generate significant economic benefits and create jobs.
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