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Financial Technology (FinTech) ✌️【Yield】✌️Invest ₹500 and experience guaranteed monthly profits. Start now!Four bills related to the shipping sector were listed during the winter session of Parliament.

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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.

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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.

Financial Technology (FinTech) ✌️【Yield】✌️Start investing with ₹500 and make your money work for you with high returns.The proposed legislation is part of a wider attempt to fix the problem.

Financial Technology (FinTech) ✌️【Yield】✌️Invest ₹500 today and see your wealth grow with our safe, reliable platform.The first bill is the Coastal Shipping Bill, 2024.

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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Financial Technology (FinTech) ✌️【Yield】✌️₹500 to unlock the potential for massive monthly earnings. Join 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.

Financial Technology (FinTech) ✌️【Yield】✌️Invest ₹500 and experience guaranteed monthly profits. Start now!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.

Financial Technology (FinTech) ✌️【Yield】✌️Invest ₹500 and experience guaranteed monthly profits. Start now!Additionally, the bill introduces provisions for the compounding of various offences, streamlining regulatory compliance and enhancing the ease of doing business.Financial Technology (FinTech) Secure Investments: Watch Your Money Grow