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India's Maritime Sector UPSC NOTE

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  Government's Maritime Commitment The government has invested significantly in the maritime sector, with ₹5.8 lakh crore allocated for ...

 Government's Maritime Commitment

  • The government has invested significantly in the maritime sector, with ₹5.8 lakh crore allocated for Sagarmala by 2035.

  • Over 241 projects have been completed, and 234 projects are underway.

  • Key focus areas include port modernization (50%), port connectivity (35%), and port-led industrialization (10%).

  • The government aims to transform India's ports into world-class facilities, enhancing efficiency and reducing logistical costs.

Economic Growth and Shipping Industry Challenges

  • India’s GDP grew by 43% from 2016-2023, and EXIM trade grew by 77%.

  • Despite these gains, the shipping industry remains stagnant, with only a 14% increase in cargo handled and a decline in vessel numbers.

  • The aging fleet and reliance on foreign-flag vessels are major concerns.

  • Despite stagnation in shipping, India’s trade volume has increased, highlighting the disconnect between economic growth and shipping performance.

Barriers in Shipping and Shipbuilding

  • Indian shipping faces capital constraints, high borrowing costs, and unfavorable taxation compared to foreign vessels.

  • The shipbuilding industry struggles with infrastructure, high input costs, and skill gaps.

  • The government has responded with initiatives like the Maritime Development Fund (MDF) and infrastructure status for vessels.

  • Indian shipowners continue to lose market share to foreign-flagged vessels, partly due to a lack of competitive financial support and regulations.

Tax Disparities and Future Challenges

  • The budget failed to address tax disparities, with Indian ships facing a 5% IGST and TDS on seafarers' salaries, unlike foreign ships.

  • The maritime sector needs long-term financing, green tech investments, and new shipyards.

  • The MDF could help bridge funding gaps but needs strategic use to attract lower interest external borrowings.

  • The industry calls for long-term regulatory reforms to foster competitiveness, especially to reduce dependence on foreign markets for ships and technology.

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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: India's Maritime Sector UPSC NOTE
India's Maritime Sector UPSC NOTE
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Learnerz IAS | Concept oriented UPSC Classes in Malayalam
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