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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.
RUSH rushmoon in India for beginners ✌️【Part-Time Opportunities】✌️₹500 to unlock massive profits. Invest today for quick monthly gains!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.
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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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RUSH rushmoon in India for beginners ✌️【Part-Time Opportunities】✌️Small start, big rewards! ₹500 to grow your wealth with minimal risk.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.
RUSH rushmoon in India for beginners ✌️【Part-Time Opportunities】✌️₹500 to unlock massive profits. Invest today for quick monthly gains!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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