{"id":44661,"date":"2025-01-23T05:42:07","date_gmt":"2025-01-23T00:12:07","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=44661"},"modified":"2025-05-06T13:24:01","modified_gmt":"2025-05-06T07:54:01","slug":"indias-maritime-sector-needs-1-trillion-investment-by-2047-to-unlock-full-potential","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/indias-maritime-sector-needs-1-trillion-investment-by-2047-to-unlock-full-potential\/","title":{"rendered":"India&#8217;s Maritime Sector Needs $1 Trillion Investment by 2047 to Unlock Full Potential"},"content":{"rendered":"<h2>India&#8217;s Maritime Sector Latest News<\/h2>\n<ul>\n<li>According to the Secretary, Union Ministry of Ports, Shipping &amp; Waterways, the Indian maritime sector requires $1 trillion by 2047 and \u20b95 lakh crore by 2030 to realize its full potential.<\/li>\n<\/ul>\n<h2>India\u2019s Maritime sector\u00a0<\/h2>\n<ul>\n<li>India&#8217;s 7,500-kilometer coastline, with 12 major ports and over 200 minor ones, positions it as a vital trading hub along the world\u2019s busiest shipping routes.\u00a0<\/li>\n<\/ul>\n<h3>Overview of India\u2019s Maritime Sector<\/h3>\n<ul>\n<li>India\u2019s maritime sector handles 95% of trade by volume and 70% by value, with 12 major ports and over 200 minor ones anchoring the economy.\u00a0<\/li>\n<li>With an 87% increase in cargo-handling capacity since 2014-15, India managed 819.22 million tonnes of cargo in FY24, reflecting its growing prominence.\u00a0<\/li>\n<li>Policies like 100% FDI and tax incentives have further strengthened the sector.<\/li>\n<\/ul>\n<h3>Key Developments in the Maritime Sector<\/h3>\n<ul>\n<li><strong>Efficiency Gains<\/strong>: Reduced container turnaround time to 22.57 hours in 2023-24.<\/li>\n<li><strong>Fleet Expansion<\/strong>: Plans for a new shipping company to add 1,000 ships by 2047.<\/li>\n<li><strong>Paradip Port Milestone<\/strong>: Became India\u2019s largest port in FY24, handling 145.38 million tonnes of cargo.<\/li>\n<li><strong>Massive Investments<\/strong>: US$ 82 billion allocated for port infrastructure by 2035.<\/li>\n<li><strong>Vadhavan Port<\/strong>: Approved at \u20b976,220 crore, aiming to boost EXIM trade.<\/li>\n<li><strong>Shipbuilding Assistance<\/strong>: Financial aid under SBFAP has secured 313 vessel orders worth \u20b910,500 crore.<\/li>\n<li><strong>Panch Karma Sankalp<\/strong>: Focus on green shipping, digitization, and smart port development.<\/li>\n<\/ul>\n<h2>Government Schemes Supporting Maritime Growth<\/h2>\n<ul>\n<li>Several government schemes have been launched to modernize infrastructure, enhance port connectivity, and promote sustainability in the sector.<\/li>\n<\/ul>\n<h3>Sagarmala Programme<\/h3>\n<ul>\n<li>Promotes port-led development, with \u20b93,714 crore sanctioned for 130 projects focused on coastal berths, connectivity, fish harbors, and Ro-Pax services.<\/li>\n<\/ul>\n<h3>Maritime India Vision (MIV) 2030<\/h3>\n<ul>\n<li>A 10-year roadmap with 150 initiatives across ports, shipyards, and inland waterways to establish India as a global maritime leader.<\/li>\n<\/ul>\n<h3>Inland Waterways Development<\/h3>\n<ul>\n<li>Plans to make 26 new national waterways navigable, easing road and rail congestion while promoting sustainable transport.<\/li>\n<\/ul>\n<h3>Green Tug Transition Program (GTTP)<\/h3>\n<ul>\n<li>Aims to replace conventional tugs with eco-friendly alternatives by 2040, ensuring a sustainable future for Indian ports.<\/li>\n<\/ul>\n<h2>Investment Required to Transform India\u2019s Maritime Sector &#8211; Key highlights<\/h2>\n<ul>\n<li>The Secretary to the Union Ministry of Ports, Shipping &amp; Waterways said that the Indian maritime sector would need an investment of $1 trillion by 2047 and \u20b95 lakh crore by 2030 to harness its full potential.\u00a0<\/li>\n<li>He was speaking at the FICCI Maritime Conference and Expo 2025 in Mumbai.<\/li>\n<\/ul>\n<h3>Green Hydrogen Production Hubs<\/h3>\n<ul>\n<li>Green hydrogen production hubs will be established at Paradip, Tuticorin, and Kandla ports to decarbonize the shipping sector.<\/li>\n<\/ul>\n<h3>India as a Global Ship Recycling Market<\/h3>\n<ul>\n<li>The Hong Kong Convention on Ship Recycling, effective from June, will benefit Indian shipyards.<\/li>\n<li>Recycling yards in Alang already comply with the Convention&#8217;s standards, positioning India as a global leader in ship recycling.<\/li>\n<\/ul>\n<h3>Maritime Sector&#8217;s Contribution to Economic Growth<\/h3>\n<ul>\n<li>India\u2019s maritime sector is central to the country&#8217;s economic resurgence, with port capacity expected to increase sixfold to 10,000 MT per annum by 2047.<\/li>\n<li>Major ports are currently handling 820 MMT of cargo annually, marking a 47% growth since 2014.<\/li>\n<li>Overall port capacity has doubled to 1,630 MMT during the same period.<\/li>\n<\/ul>\n<h3>Development of Mega Ports<\/h3>\n<ul>\n<li>India has entered the era of mega ports, with key developments such as:\n<ul>\n<li><strong>Vadhavan Port (Maharashtra):<\/strong> Set to become India\u2019s largest container facility.<\/li>\n<li><strong>Galathea Bay (Great Nicobar):<\/strong> International Container Transshipment Port to capture global trade routes.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3>Efficiency Gains in Port Operations<\/h3>\n<ul>\n<li>Container dwelling time has reduced to three days.<\/li>\n<li>Vessel turnaround time has improved to 0.9 days, surpassing several advanced economies.<\/li>\n<li>Nine Indian ports are featured in the World Bank\u2019s Container Port Performance Index 2023, with Visakhapatnam ranking in the global top 20.<\/li>\n<\/ul>\n<h3>Challenges highlighted<\/h3>\n<ul>\n<li>Experts at the event highlighted challenges in skilled labor availability and sustainable fuel adoption for net-zero emissions.<\/li>\n<\/ul>\n<h3>Report launched<\/h3>\n<ul>\n<li>A FICCI-CRISIL report titled <i>\u2018Forging New Horizons: The Growth of India\u2019s Shipbuilding and Repair Industry\u2019<\/i> was unveiled.<\/li>\n<li>The report showcased India&#8217;s potential to become a leading hub for shipbuilding and repairs.<\/li>\n<\/ul>\n<h2><strong>India&#8217;s Maritime Sector FAQs<\/strong><\/h2>\n<p><strong>Q1.<\/strong> Which is the largest shipping industry in India?<\/p>\n<p><strong>Ans.<\/strong> Paradip Port is the largest, handling 145.38 million tonnes of cargo in FY24.<\/p>\n<p><strong>Q2.<\/strong> What are the types of maritime sectors?<\/p>\n<p><strong>Ans. <\/strong>The maritime sector includes ports, shipping, shipbuilding, inland waterways, and coastal trade.<\/p>\n<p><strong>Q3. <\/strong>What is the future of the shipping industry in India?<\/p>\n<p><strong>Ans.<\/strong> India aims to invest $1 trillion by 2047, expand capacity, and focus on sustainability, efficiency, and green initiatives.\u00a0<\/p>\n<p><strong>Q4.<\/strong> What is the maritime sector of India?<\/p>\n<p><strong>An<\/strong>s. India&#8217;s maritime sector manages 95% of trade by volume, supported by 12 major ports and 200+ minor ports.<\/p>\n<p><strong>Q5.<\/strong> What is Maritime India Vision 2030?<\/p>\n<p><strong>Ans.<\/strong> MIV 2030 is a 10-year roadmap with 150 initiatives to make India a global maritime hub.<\/p>\n<p><strong>Source :<\/strong><a href=\"https:\/\/www.thehindu.com\/business\/indias-maritime-sector-needs-investment-of-1-trillion-by-2047\/article69128862.ece#:~:text=The%20Indian%20maritime%20sector%20would,Shipping%20%26%20Waterways%20said%20on%20Wednesday.\" target=\"_blank\" rel=\"nofollow noopener\">TH<\/a>; <a href=\"https:\/\/pib.gov.in\/PressNoteDetails.aspx?NoteId=153432&amp;ModuleId=3&amp;reg=3&amp;lang=1\" target=\"_blank\" rel=\"nofollow noopener\">PIB<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Discover how India&#8217;s maritime sector, with its 7,500 km coastline, plans to attract $1 trillion investment by 2047.<\/p>\n","protected":false},"author":5,"featured_media":44662,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[18],"tags":[],"class_list":{"0":"post-44661","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-mains-current-affairs","8":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/44661","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=44661"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/44661\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/44662"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=44661"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=44661"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=44661"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}