Government Aims to Boost Shipbuilding Sector in India: Piyush Goyal
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Synopsis
India's shipbuilding industry is poised for growth, with the government keen to implement strategies to enhance the sector, as highlighted by Union Minister Piyush Goyal. The emphasis lies on improving logistics, training, and flagging vessels.
Key Takeaways
- Government is eager to promote the shipbuilding industry.
- India has advantages for cabotage of vessels.
- Need for more flagged vessels to leverage WTO rules.
- Port capacity has doubled in the last decade.
- Logistics ecosystem requires strengthening.
New Delhi, Feb 26 (NationPress) India presents a significant opportunity for the shipbuilding sector, and the Government is actively seeking methods to bolster this industry, stated Union Minister of Commerce and Industry Piyush Goyal.
"India possesses the advantage of permitting the cabotage of vessels and encouraging imports through Indian-flagged vessels allowed under WTO regulations; however, there is a lack of sufficient flagged vessels to leverage these rules," he mentioned during his virtual address at the 12th Biennial International Conference on Ports, Shipping & Logistics 2025 in Mumbai.
He urged the industry to propose ways to enhance the appeal of flagging vessels in India.
The Minister called on participants to suggest initiatives at both the State and Central levels to facilitate the influx of flagged vessels to India.
Union Minister Goyal further remarked that India has doubled its port capacity over the past decade and has notably reduced the turnaround time for ships. Nonetheless, additional efforts are necessary to fortify the logistics ecosystem.
Additionally, he advocated for a hybrid training approach to address the increasing demand for seafarers in the industry. Areas requiring improvement include container ownership, manufacturing, faster export processes, and alleviating congestion, he emphasized.
He highlighted that 95 percent of India's trade volume is transported via ports, and the 7,500 km coastline serves as a crucial enabler for trade, presenting immense growth potential for the sector in the coming years.
He also accentuated the necessity for a more efficient logistics system to manage the current port traffic.
"The Unified Logistics Interface Platform (ULIP) has been established to support logistics, but further innovative ideas are essential to provide a comprehensive ecosystem-linked logistics framework at ports," he stated.
The ports, shipping, and logistics sectors are the lifeblood of the country's economy. Trade flows like rivers, and the shipping sector connects global opportunities with India.
India stands out as a beacon amidst global trade challenges, the Minister remarked, expressing hope that the country will continue to evolve and contribute positively to the world.
He emphasized that the maritime trade and logistics sector is the backbone of a Viksit Bharat, he concluded.
