Can maritime be the next big industry in India?

“We are seized of the pressing need to grow the maritime sector and our government is determined to provide the requisite support by way of fiscal policy and financial outlay,” said the finance minister Nirmala Sitharaman while speaking at the Indo-Pacific Regional Dialogue in New Delhi on Wednesday.

Indian Maritime sector is one of the hidden gems of the economy.

It contributes approximately 4% to the GDP, providing direct employment for 2 lakh individuals. With 9 states and 4 Union Territories along the coastline boasting 12 major and 200 non-major ports, the sector holds immense potential.

India has the potential to emerge as a major player in the international maritime industry, and the government has outlined plans to achieve this goal.

To boost the productivity of the maritime industry, they are undertaking the construction of 31 infrastructural projects valued at over $2 billion.

FM Sitharaman also said that India is improving its strength in shipping arbitration and setting up a full-fledged Indian-owned and India-based Protection and Indemnity entity that will additionally protect coastal and inland shipping.

The government is also planning to set up the India-Middle East-Europe Connectivity Corridor, a ship-to-rail transit network designed to enhance transportation efficiency. This corridor, built over existing maritime and road transport links between South Asia, West Asia, Europe, and the Middle East, aims to reduce logistic costs, increase economic unity, generate employment, and lower greenhouse gas emissions, contributing to a cleaner, safer, and better world.

The government is also establishing institutions for advanced studies in the field of maritime.

If everything goes the way the government is planning India can rise as one of the biggest trade hubs.

However, these are long-term initiatives, and substantial results will be noticeable only after a few years.

 We will keep you updated about the maritime industry.

Until then…

Don’t forget to check out today’s article sponsor, Shree Sarang which is an online Jewellery platform that provides artificial Jewellery at an affordable price which you can wear with any traditional outfit to enhance your beauty.