Maritime transport serves as the bedrock of international trade and, by extension, the global economy. As per the International Chamber of Shipping, the international shipping industry is accountable for transporting approximately 90 per cent of global trade. Therefore, it is not unexpected that ocean transport or shipping continues to have a significant impact on India’s international trade, despite the considerable expansion of other alternative and leading modes of transportation, such as airways.
Due to its strategic geographic location, ports have been an integral part of Indian history. In contemporary times, these ports are vital to the country’s economy, managing 95 per cent of India’s external trade by volume and 70 per cent by value. In the fiscal year 2022, the cargo traffic at India’s major ports surged to 406.98 million metric tonnes, marking an approximate 15 per cent increase from the previous year. Hence, pointing at the growing role of the maritime sector in India’s national development.
Consequently, it is unsurprising that ports have experienced substantial advancements in efficiency and capacity in recent years. India harbours ambitions of positioning itself as a manufacturing and export hub as well as a node in global supply chains. This demands that India enhance its competitiveness and connectivity on the world stage. A crucial step towards this objective is increasing the deployment of ships in the Indian market.
Reference :https://www.firstpost.com/opinion/indias-quest-to-become-leading-maritime-shipping-hub-13797605.html