Panel Discussion: An Ocean of Opportunities: Leveraging Global
Shipping Network with Ease and Reliability
Strategically located on the world's busiest shipping routes with a long
coastline, the Indian Shipping industry will achieve remarkable growth
and become a major global player over the next few years. However,
delayed end-point logistics, port congestion, mismatch in import-export
volumes, cost of finance, tax regime and the age profile of Indian flag
merchant shipping vessels are the major factors affecting the
competitiveness of Indian shipping. Often regarded as a less costly and
more environmentally friendly freight choice, maritime transportation
poses an opportunity for the Indian economy with all-time-high exports
of about $418 billion during 2021-22. Progressive policy interventions,
shipbuilding improvements, infrastructure expansion with 100% FDI and
the ease of doing business through inland waterways are transforming the
sector. To boost overall volumes and efficiency it will also require a
comprehensive ramp-up of the entire ecosystem including technology,
insurance, arbitration and dispute resolution, training and management,
maritime finance and commercial skilling.