The Indian maritime sector is currently worth about $130 billion and is expected to grow to $300 billion by 2025
India-UAE launches Virtual Trade Corridor where the launch of work on the India-UAE virtual trade corridor (VTC) and MAITRI interface will facilitate VTC under the framework agreement between India and the UAE on the India-Middle East-Europe Economic Corridor (IMEEC).
The Virtual Trade Corridor (VTC) will be an integral part of IMEEC. Benefits of VTC include reduction of administrative processes and time, reduction of logistics and transport costs, and enhancing ease of doing business .
MAITRI
MAITRI is a Master Application for International Trade and Regulatory Interface that integrates multiple Indian operational portals to facilitate interfacing with UAE portals.
The project envisages a sea link between India and Jabel Ali port in UAE from where a rail with transport the goods to the Haifa port in Israel via Saudi Arabia and Jordan. From here, goods will again be shipped to Europe via the sea route.
Role of Indian ports
It is noteworthy that the number of Indian seafarers in global shipping is expected to increase to 20 percent in the next decade from the current 10 percent. And, with more than 90 percent of global trade moving via shipping, the role of Indian ports and shippers is expected to explode. Many big ships of the world are completely dependent on Indian sailors according to Industry experts
100 crore tonnes
Karan Adani, Managing Director, Adani Ports and Special Economic Zone (APSEZ) says, “by the year 2030, India can achieve the capacity to handle a volume of 100 crore tonnes and can also become the centre point of the region by creating a reliable supply chain for neighbouring countries.”
Indian shipping industry
According to a report by McKinsey & Company, the Indian maritime sector is currently worth about $130 billion and is expected to grow to $300 billion by 2025. Of this, the share of the shipping industry is estimated to be around $95 billion, while the share of ports will be around $60 billion
Whitelist
India is already in the ‘whitelist’ of the International Maritime Organization. The listing guarantees proper licensing systems, training centres, flag state control, and port state control in the member countries and propels great demand for Indian maritime players.
India Vision 2030
Major ports in India handled 818 million tons (MT) of cargo traffic in FY24, up 4.45 per cent from 784 MT in FY 2023. This comprised a large part of India’s merchandise exports and imports.
Already, work is underway on a war footing to reach targets defined under the Maritime India Vision 2030 and work towards the Maritime Amrit Kaal Vision 2047.
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