Advantage India
Robust
Demand
* Ports sector in India is being driven by high growth in external trade.
* In FY22, all key ports in India handled 650.52 million tonnes (MT) of cargo traffic.
Attractive
Opportunities
* The key ports are expected to deliver seven projects worth more than Rs. 2,000 crore (US$ 274.31 million) on a public-private partnership basis in FY22.
* The Finance Minister proposed to double the ship recycling capacity of ~4.5 million light displacement tonnes (LDT) by 2024; this is expected to generate an additional ~1.5 lakh employment opportunities in India.
Policy
Support
* In Union Budget 2022-23, the total allocation for the Ministry of Shipping was Rs. 1,709.50 crore (US$ 223.31 million).
* In July 2021, the Marine Aids to Navigation Bill 2021 was passed by the Parliament, incorporating global best practices, technological developments and India's international obligations in this field.
Competitive
Advantage
* India has a coastline which is more than 7,517 kms 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.
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