November 21, 2024
The global South is poised to shape ocean trade in the 21st century, emphasised Union Minister Sarbananda Sonowal.
The maritime sector handles 95% of India’s trade by volume, underscoring its pivotal role in the economy
Cargo management at Indian ports rose by 4.45% in FY24, reaching 819.22 million tonnes.
The sector supports India's growing exports, which surged to US$451 billion in FY23 from US$417 billion in FY22
Union Ports, Shipping, and Waterways Minister Sarbananda Sonowal announced India’s ambitious maritime aspirations at the ‘Sagarmanthan—The Great Oceans Dialogue’. Addressing the event, he revealed that India is poised to become one of the top 10 shipbuilding nations by 2030 and to ascend to the top 5 by 2047.
Sonowal stressed the significance of the global South in redefining ocean trade in the 21st century. “With its abundant talent pool and resources, India is well-equipped to emerge as a leading shipbuilding nation,” he remarked.
India’s maritime industry handles approximately 95% of the nation’s trade by volume and 70% by value. The infrastructure includes 12 major ports and over 200 notified minor and intermediate ports, pivotal in sustaining the country’s economic growth.
As the sixteenth-largest maritime nation globally, India’s strategic location on key shipping routes between East Asia, Europe, America, and Africa enhances its importance in global trade. The country’s maritime contributions go beyond shipping, with India ranking as the third-largest ship recycler by tonnage.
At the event, the minister engaged with technical experts on creating a circular blue economy. The discussions centred on achieving sustainability at sea while navigating the challenges involved.
In FY24 alone, Indian ports managed 819.22 million tonnes of cargo, reflecting a 4.45% year-on-year growth. This increase aligns with India’s expanding export capabilities, which saw merchandise exports rise to US$451 billion in FY23 from US$417 billion in the previous year.
India’s maritime aspirations and strategic initiatives position it as a key player in global shipping and ocean trade. These efforts are expected to bolster the nation’s economic trajectory and maritime standing on the world stage.
Source: Economic Times