1 million direct and indirect employment opportunities likely to be created –
India’s vast 7,517-kilometer coastline, dotted with 13 major and 200 minor ports, holds immense potential for economic expansion and trade proliferation. Despite this strategic advantage, coastal shipping currently constitutes a mere 6% of India’s cargo movement. In a landmark move, the Indian government’s passage of the Coastal Shipping Bill 2024 is set to transform the maritime landscape, unlocking coastal shipping’s true potential to drive trade, stimulate economic growth, and catapult India’s emergence as a major player in global commerce.
The Coastal Shipping Bill 2024 is poised to propel the industry’s growth to new heights, with projected Compound Annual Growth Rate (CAGR) of 10-12% by 2025. This surge will unleash investment opportunities totalling ₹50,000 crores in coastal shipping infrastructure by 2025, simultaneously generating 1 million direct and indirect employment opportunities in the sector.
The amended Coastal Shipping Bill is poised to transform India’s maritime sector, driving economic growth and sustainable development. The bill’s benefits are multifaceted, expected to boost trade volumes and economic growth, while reducing logistics costs for exporters and importers. Enhanced connectivity between India’s coastal regions will foster regional development and cooperation, making Indian ports more competitive globally. Furthermore, the bill will promote eco-friendly transportation practices by decreasing carbon emissions through reduced reliance on land-based transportation. Overall, the amended Coastal Shipping Bill is a significant step towards unlocking India’s coastal potential, stimulating economic expansion, and cementing its position as a major player in global trade.
The Bill’s success depends on addressing key challenges: infrastructure upgrades, effective implementation, private sector investment, and workforce development. Modernizing ports and facilities, coordinating government agencies, and encouraging investment will bridge funding gaps and bring expertise.
This Bill is a strategic step in India’s journey to maritime supremacy. Its provisions will enhance trade competitiveness, economic growth, and regional development, but require careful implementation and stakeholder collaboration.
Marex Media