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INDIA PROPOSES $1 TRILLION MARITIME "BLUEPRINT" TO INTERNATIONAL DIPLOMATS
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India's shipping ministry has grand aspirations for the country's maritime future. During a gathering of foreign ambassadors prior to India Maritime Week, Union minister for shipping Sarbananda Sonowal proposed a $1 trillion "roadmap" for both public and private investment in the country's essential infrastructure.
Addressing representatives from 28 countries, Sonowal stated that India is focused on modernizing and transforming its ports, logistics, and shipping infrastructure. "Such prospects create a $1 trillion maritime investment pathway, with significant possibilities for partnerships in port development, cargo terminal operations, multi-modal terminals, maritime services, shipbuilding, ship recycling, ship repairs, green hydrogen centers, and eco-friendly shipping solutions," he stated.
In preparation, the Indian government has been revamping the country’s maritime legal framework to modernize it and ensure it aligns with international standards, enhancing the nation’s appeal for foreign shipping investors. Five recently enacted legislative measures - the Bills of Lading Act, Carriage of Goods by Sea Act, Merchant Shipping Act, Coastal Shipping Act, and Indian Ports Act - collectively aim to modernize laws originating from the time of British rule.