India aims to be among top five shipbuilding nations by 2047 with Coastal Shipping Law

 

India aims to be among the top five global shipbuilding nations by 2047 with the introduction of a legal measure to strengthen its shipbuilding industry, in addition to upcoming fiscal and financial incentives. A key component of this push is the Coastal Shipping Bill, which has already passed the Lok Sabha and awaits approval from the Rajya Sabha. The bill seeks to update regulations for vessels operating in India’s coastal and export-import (EXIM) trade. Under the proposed law, Indian-flagged ships will no longer require a licence from the Directorate General (DG) of Shipping to operate in coastal or EXIM trade. However, foreign-flagged vessels will be required to obtain licences. These licences may include specific conditions such as mandatory employment of Indian seafarers or use of India-built vessels, aimed at boosting local jobs and shipbuilding capacity, as per a report.

Please visit our youtube channel https://www.youtube.com/@ikargos2719 for fortnightly logistics news analysis and more!