Sun Oct 06 22:51:51 UTC 2024: ## India Remains Committed to Trade and Connectivity Despite Regional Challenges

**New Delhi:** India remains committed to strengthening its trade and connectivity with Myanmar and Bangladesh despite the challenges arising from the current situations in these countries. This was stated by Union Minister of Ports, Shipping and Waterways, Sarbananda Sonowal, in an interview with The Hindu Businessline.

Sonowal highlighted India’s efforts to ensure the continued operation of the Sittwe Port in Myanmar, which is crucial for accessing India’s northeastern states. He also mentioned the ongoing efforts to extend the India-Bangladesh Protocol (IBP) route from Kolkata to Varanasi, including Sahibganj and Varanasi as new ports of call.

“We are working closely with the authorities in Myanmar to ensure the continued operation of the Sittwe Port. The port is vital for our access to the north-eastern states,” Sonowal said.

He also elaborated on India’s strategy to address the challenges posed by fragmented cargo and short-term chartering by establishing a dedicated Shipping Services Company (SSC). The SSC is expected to increase the share of Indian-flagged vessels and facilitate long-term charter contracts.

Sonowal acknowledged the potential impact of economic slowdowns in China and Europe on global trade dynamics and the consequent effect on India’s cargo movement. However, he emphasized India’s strategic focus on developing new ports and transport corridors, while simultaneously enhancing existing infrastructure to mitigate these impacts.

In response to challenges faced by the Indian shipbuilding industry, including a lack of domestic demand and price competitiveness, the government is considering various incentives, including the Performance Linked Incentive scheme (PLI), to boost shipbuilding output in India.

Sonowal’s statement underlines India’s commitment to strengthening its regional trade networks and economic ties despite the challenges posed by the evolving geopolitical landscape. The government’s focus on infrastructure development, trade route diversification, and initiatives like the SSC are expected to play a key role in achieving this objective.

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