India's Ports and Shipping Industry Set for $82 Billion Investment Boost
India’s ports and shipping industry are changing rapidly, and more than $82 billion in investments are expected in the wake of all the infrastructure projects designed to create greater efficiency and promote economic growth. The sector is recognized as one of the natural foundations of the economy and processed over 819 million metric tonnes (MMT) of cargo at major Indian ports in FY 2023-24, reflecting the industry’s growing capacity.
The ports sector has specific goals, including logistics cost savings, enhanced operational efficiencies and logistics, and taking advantage of India’s 7,500 km coastline and favorable conditions to strengthen exports, imports, and domestic trade. A key goal of the Sagarmala Programme, Maritime India Vision 2030, and National Maritime Development Programme. Additionally, the government is improving the regulatory environment, including amending the Major Port Authorities Act, which allows for more autonomy of major ports and improves efficiencies through good governance of the port operations. Additionally, the Sagarmala Innovation and Startup Policy decentralizes knowledge and indirect investment in innovation through infrastructure and factors like technology, Artificial Intelligence (AI), the Internet of Things (IoT), and automation at ports.
Last but not least, the federal government is working tirelessly on everything, including ease of doing business and reduction in regulatory burden, in order to promote collaboration and private sector investment in the port and shipping sector, which is aiming to develop the Coastal Shipping volumes projection by 2030. For some infrastructure, dedicated freight corridors for the movement of goods and increased inland waterways, the government is developing deep-draft ports (e.g., Vadhavan and Paradip Ports) for the movement of bulk cargo by increased efficiencies and lower cost alternatives for the domestic transportation of goods and lower turnaround-time alternatives. Paradip Port, for example, handled approximately 145.38 MMT of cargo throughput in FY 2023-24.
Additionally, it represents a sector that is 100% foreign direct investment (FDI) open to increased global engagement thanks to its location along major international shipping routes. The Green Tug Transition Program and the Harit Sagar Green Port Guidelines are examples of programs that further build sustainability into the industry. These programs are designed to assist the nation’s ports and shipping industry in moving closer to becoming a global leader in commerce, investment, maritime activities, and sustainable economic growth.
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