*Ports sector in India is being driven by high growth in external trade.
*On June 19, 2024, the Indian government approved plans to invest over US$ 9 billion in the construction of Vadhavan Port, located north of Mumbai, which aims to become one of the world's top 10 ports, enhancing trade capacity between India, the Middle East, and Europe.
*India plans to establish a new shipping company to expand its fleet by at least 1,000 ships in the next decade, aiming to reduce freight costs and capture more revenue from increasing trade, with joint ownership by state-run oil, gas, and fertilizer companies, along with the state-run Shipping Corporation of India and foreign companies, targeting a reduction of at least one-third in foreign freight outgoings by 2047.
*On July 26, 2024, the Government of India announced an update to the Shipbuilding Financial Assistance Policy (SBFAP), which has provided financial aid totaling Rs. 337 crores (US$ 40.40 million) to enhance India’s competitiveness against foreign shipyards and revitalize the shipbuilding industry. Since the policy's inception, 313 vessel orders valued at approximately Rs. 10,500 crores (US$ 1.26 billion) have been secured.
*In the Interim Union Budget 2024-25, the total allocation for the Ministry of Shipping was US$ 281.23 million (Rs. 2,345.45 crore).
*India has a coastline which is more than 7,516.6 km long, interspersed with more than 200 ports.
*Most cargo ships that sail between East Asia and America, Europe and Africa pass through Indian territorial waters.
Union Minister of External Affairs, Dr. S. Jaishankar and Union Commerce an...
The Indian insurance sector has transformed significantly over the past few decades and has been contributing significantly to the economic developmen...
The semiconductor industry plays a massive role in driving economic progress in today’s tech-driven world. India with its ever-growing digital e...
With technology progressing quickly in line with Moore’s law and technology companies, such as Apple, Dell, Lenovo, Samsung, stirring up gadgets...
India's growth journey in space exploration has reached new heights wit...
India's economic expansion has been fortified by a significant increase...
The relentless march of Artificial Intelligence (AI) is reshaping many indu...