In the decades to come, India is poised to greatly enhance its maritime infrastructure. As per reports, Union Minister for Ports, Shipping, and Waterways Sarbananda Sonowal announced ambitious plans to increase India’s port capacity to nearly six-fold before 2047 and eventually double it to touch 10,000 million tonnes per annum, or MMTPA. Such a push shall be India’s biggest maritime infrastructure drive ever and aim to position it as a major global shipping center.
Impressive Expansion of Indian Shipping Sector
Sonowal emphasized while delivering his speech at the FICCI Maritime Conference and Expo organized in Mumbai that major ports in the country have already exceeded their annual capacity of 820 million metric tonnes (MMT). The development represents an expansion of 47% from the period 2014 when it came out as a mere cargo handling development. Contrariwise, total port capacity in India has been doubled over the same period, at 1,630 MMT. Such milestones point to fast strides that India makes in its maritime sector in the direction of the base for overall economic growth in the country.
The minister believes that India’s growth in the maritime sector is a matter of national interest. “India’s maritime sector is not just about infrastructure; it’s a pillar supporting economic growth and creating new job opportunities,” Sonowal said.
Strategic Mega-Port Development
As part of the overall growth plan, India is focusing on the development of two strategic mega-ports that will change the face of its maritime landscape:
Vadhavan Port, Maharashtra: It is likely to be India’s largest container port. Equipped with the most modern infrastructure and higher capacity, Vadhavan Port is going to be very instrumental in catering to the burgeoning trade and logistics industry of the country.
International Container Transshipment Port at Galathea Bay, Great Nicobar: It would achieve transshipment. This would situate India in strategic shipping lanes throughout the world, adding further strengths to the positioning of the country in global maritime trade.
These efforts would be in line with the sight of “Ports for Prosperity,” which will not only open the economy for more infrastructure, but also the same will pave the way toward creating employment avenues and increasing efficiency in trade. Expansion of facilities in ports will enable the country to benefit from international shipping opportunity, especially that of container and transshipment markets.
Efficiencies in Marine Activity
The effort at maritime modernization has already brought India many efficiency gains. Some of the notable improvements in this regard include the following:
Reduced Container Dwell Time: The average dwell time for containers at Indian ports has been brought down to just three days, enhancing operational efficiency and minimizing supply chain delays.
Vessel Turnaround: Vessel turnaround time has reduced to 0.9 days, leaving behind many developed economies and placing India as an equally competitive player in the world international shipping sector.
All these factors of efficiency have led to Indian ports emerging as the world’s best ones. As many as nine Indian ports feature in the list of Container Port Performance Index of the World Bank by 2023 while a place in top 20 is commanded by Visakhapatnam.
India’s $1 Trillion Commitment to Investing in Maritime Sector
There exists another monumental investment target for this Indian government expansion plan as well. Says T K Ramachandran, Secretary, Ministry of Ports, Shipping & Waterways, the Indian objective also means $1 trillion investments in the maritime sector by 2047. This grand investment goal shall support growth in port infrastructure, shipping, logistics, and ancillary industries.
Short term, India will concentrate on production hubs for green hydrogen from its key ports. Kandla, Tuticorin, and Paradip are some key locations where production is said to initiate within a year. Many companies have already leased 4,000 acres of land for green hydrogen facilities. Ramachandran said the government expects investment in the sector to be at Rs 5 lakh crore by 2030-making this a huge leap toward sustainable energy and fueling India’s green transition.
Indian Ship Recycling Sector to Benefit from Global Standards
Another gain source for India will be the Hong Kong Convention on ship recycling, effective from June 2023. It will put into action the international ship recycling standard for better safety and environmental practice. Alang ship recycling yards of India are already geared up to abide by Hong Kong Convention norms and have ensured greater market shares in the international platform of ship recycling.
Conclusion: Bright Prospects for Indian Maritime
In the near future, Indian maritime sector would grow at rocketing paces. Given a clear vision of expansion of port capacity with operational efficiency improvements and attraction of large-scale investment, India shall come to lead shipping and logistics business in the world. Opportunities that await development would include mega-ports, breakthroughs in the production of green hydrogen, and the introduction of ship recycling.
Plans for the expansion of maritime expansion in the country are seeing light. The dreams of the world-class shipping hub will now turn into reality as the country will further continue on the path of innovation, efficiency, and sustainability by making maritime happen.
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For more updates on the latest developments in the Maritime sector, check out our article on : Reliance Signs MoU for Liquid Cargo Jetty at Vadhvan Port