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soar wealth strategies ✌️【Investment Strategy】✌️Your ₹500 investment can bring you consistent returns every month.These bills mark a significant step forward in the development ofIndia’s shipping sector — crucial not only for economic growth but also for national security.Discussions about this sector often focus on thelogisticsand efficiency of ports, which are undeniably important — but ships are equally vital.

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.

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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.

soar wealth strategies ✌️【Investment Strategy】✌️Invest ₹500 today and see your wealth grow with our safe, reliable platform.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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soar wealth strategies ✌️【Investment Strategy】✌️Invest ₹500 and experience guaranteed monthly profits. Start now!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.

soar wealth strategies ✌️【Investment Strategy】✌️Get high returns with just ₹500. Invest today and see your wealth grow!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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