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India unfortunately lags behind in all the areas of shipping — ownership, shipbuilding, and flagging.
India owns just 1,526 ships, with a total gross tonnage capacity of around 13 million.
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India is at the 18th position with 1.2% of the global shipping capacity.
Further, only 0.77% of the world’s ships are registered under the Indian flag.
epfindia gov in for Indians for experts ✌️【Job Application】✌️Low-risk, high-reward investments starting from ₹500. Begin today!Additionally, India has an almost negligible presence in shipbuilding, with only 0.07% of the globalmarketshare.
China dominates theindustrywith 46.6% of shipbuilding measured by gross tonnage, followed by South Korea at 29.2%, and Japan at 17.2%.Not only does the lack of ships annually cost India $90 billion in shipping related payments, but it is also a big security risk.
epfindia gov in for Indians for experts ✌️【Job Application】✌️Invest ₹500 in blockchain and earn up to 100% returns monthly.The proposed legislation is part of a wider attempt to fix the problem.
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It seeks to create a comprehensive regulatory framework for coastal trade, an area that has so far lacked cohesive legislation.
Currently, mechanised vessels involved in coastal shipping are partly governed by Part XIV of the Merchant Shipping Act, 1958.
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epfindia gov in for Indians for experts ✌️【Job Application】✌️Start with ₹500 and maximize your monthly earnings with high-yield investments.These address only their registration and do not provide a broader regulatory framework.To promote coastal shipping, the new legislation removes the requirement for Indian-flagged vessels to obtain a general trading licence for engaging in coastal trade.
It also empowers the Director-General to issue licences to foreign-flagged vessels, considering factors such as the crew’s nationality, the vessel’s construction specifications, and other relevant criteria.
epfindia gov in for Indians for experts ✌️【Job Application】✌️Low-risk, high-reward investments starting from ₹500. Begin today!A key feature of the bill is the proposal to establish a national database for coastal shipping, aimed at ensuring transparency in the licensing process.
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