The industry in the guise of maritime will prove indispensable for India to achieve her vision aspires to become the world’s third-largest economy. At the Indian Maritime Heritage Conclave (IMHC) 2024, Vice President Jagdeep Dhankhar reiterated further how such a dream cannot be achieved without a position of the country, in geography that the advanced maritime infrastructure available to her supports. India will position itself to realize the enormous ocean resources for economic growth and job creation and international trade as the blue economy is expected to rise to $6 trillion by 2030.
Role of India’s Maritime Sector in Economic Growth
India is strategically developing its maritime sector to support the growth of its economy. The Vice President, Dhankhar said that India’s vast coastline and maritime infrastructure are critical assets. India has a coastline of 7,500 km with 13 major ports and more than 200 non-major ports. India is ready to be a leading maritime power. The country’s marine sector is integral to its economic landscape, as 95 percent of its trade volume, amounting to 70 percent of its total value, is carried out through sea.
The country’s influence at sea forms part of its global power. India’s ports handle 1,200 million tonnes of cargo annually; that explains the importance of this industry in its economy. For reaching the third largest economy by 2030, India’s maritime industry is going to lead the operations.
The Blue Economy: A Focus for India’s Future
An area of the Indian maritime strategy would be the development of the blue economy. The blue economy refers to the sustainable use of ocean resources for economic growth, employment creation, and environmental protection. Therefore, focusing on this area allows India to tap into a wealth that the oceans possess while also leaving its health intact for future generations.
The Sagarmala Programme led by the government enhances the country’s maritime capability. It would integrate ports with industrial clusters while optimizing the logistics network for coastal development. This would bring down the cost of logistics in port development to increase its capacity while uplifting the connectivity of coastal trade of the entire Indian coastline.
In addition, the Coastal Shipping Bill 2024 will simplify the regulatory framework and further enhance multi-modal connectivity. Sharings of the sector will also increase in increasing the growth of the Indian economy.
India’s Maritime Heritage: A Rich Legacy
India has a maritime heritage of over 5,000 years. That rich history in the sea shapes the country’s economy and culture till this day. Speaking about this historical aspect, Minister of Ports, Shipping and Waterways Sarbananda Sonowal spoke of the evolution from the ancient Harappan Civilization to this very day.
Ancient India’s seafaring trade routes were very closely connected with the civilizations of Mesopotamia, Egypt, and the Persian Gulf. In return, they exchanged beads and jewelry and cotton goods. These early contacts set up a very mighty maritime culture for India.
In the medieval period, India had the unmatched spice trade. Indian merchants traded not only with Arabia, China, and Southeast Asia but played the central role in establishing the Silk Road of the Sea-the network of maritime trade routes facilitating the exchange of goods, culture, and ideas across vast regions.
It remains the bastion of its trade and international relationships, since its ports are an open gateway to trade and cooperation.
Challenges and Opportunities Ahead
Climatic changes, environmental degradation, and global instability are some of the current challenges being faced by the maritime sector of India. Innovation and international cooperation might be needed to solve the problems. The Indian Maritime Heritage Conclave 2024 will be a platform for policymakers, scholars, and industry professionals to come together and deliberate on challenges to formulate solutions for the future.
Vice President Dhankhar said India’s maritime heritage should be better leveraged to seek answers to the problems of the present. It is the wish of India that its maritime sector would remain resilient and sustainable in supporting growth in the economy and in the global trade, which flows through dialogue and partnerships.
Conclusion: A Vision for the Future
In maritime, India is to make history playing the transformative role for it on its journey to third-ranked biggest world economies. Optimising its port infrastructure, drawing up on its rich blue economy heritage, India looks on course to establish and retain her pole position globally.As the nation confronts the challenges of the new world, its maritime sector will determine its future economic and international trade future.
With all such commitment towards maritime development, coupled with unlimited resources and strategic position, India will definitely be one of the global economies in decades to come.
Refer :
Economic Times, Link to article
Also read : Merchant Shipping Bill Introduced in Lok Sabha: A Step Toward Enhanced Maritime Security