The Parliament was informed on Tuesday that, as a result of a steady increase in Indian tonnage, there are currently 1,530 Indian-flagged boats with 13.7 million gross tonnage (GT), strengthening domestic capabilities and decreasing reliance on foreign companies in the shipping sector.
Sarbananda Sonowal, the Union Minister of Ports, Shipping, and Waterways, states that as of June, 1,041 vessels weighing 1.7 million GT were involved in coastal trade.
While 485 Indian-flagged ships with a gross tonnage of 11.95 million are now engaged in international trade, four ships with a gross tonnage of 45,604 have been purchased under Indian management.
There are 1,530 Indian-flagged vessels totaling 13.7 million GT. The choice of businesses has shifted from foreign-flagged vessels to Indian-flagged ones due to the increase in Indian tonnage, the minister stated in the Rajya Sabha.
To become ‘Aatmanirbhar’ in the maritime industry, the government has launched a number of programs.
The minister claims that these initiatives are a part of a plan to strengthen domestic resources and lessen reliance on outside sources.
The Financial Assistance Policy for Indian Shipyards was adopted by the Center in 2015 in order to provide financial assistance.
A subsidy programme to encourage the launching of merchant ships in India was also launched in 2021, with a Rs 1,624 crore budget that would be distributed over five years.
The demand for Indian-flagged vessels increased as a result of the Right of First Refusal (ROFR) policy, which gave Indian-flagged vessels the right to match the lowest bid made by foreign-flagged vessels.
The shipping industry has increased its contribution to India’s GDP growth as a result of these activities. According to Sonowal, the Indian tonnage has been steadily rising over the past ten years.
The amount of freight moved over India’s inland waterways increased six-fold between 2013–14 and 2023–24, from 18.07 million metric tonnes (MMT) to 133.03 MMT.
There were 106 new National Waterways registered in 2016, and by 2024, there will be 26 functioning waterways, up from just three in 2013–14.
By 2030 and 2047, the government hopes to increase cargo traffic even more, reaching 200 MMT and 500 MMT, respectively.
