The Cabinet, led by Prime Minister Narendra Modi, has approved the Coastal Shipping Bill, 2024, and the repeal of Part XIV of the Merchant Shipping Act 1958, with the exception of section 411A. This decision is expected to bring numerous benefits to various stakeholders in the shipping industry, including Indian ship owners, non-vessel operating common carriers, cargo owners, Indian seafarers, and shipyards. The aim of this legislation is to streamline shipping operations in India and improve the integration of inland waterway shipments with coastal shipping.
One of the key provisions of the bill is the elimination of the requirement for trading licenses for Indian flag vessels engaged in coastal trade. Additionally, regulations for international trade ships are set to be aligned with global standards. The bill also seeks to enhance the integration of coastal maritime transport with inland waterways, creating a more efficient and cost-effective transportation network. The government’s objective is to foster a competitive environment in the sector and potentially increase the market share of Indian vessels in coastal shipping.
Furthermore, the Coastal Shipping Bill aims to establish a secure and comprehensive regulatory framework for commercial activities in coastal trade. It also proposes the creation of a national database of coastal shipping, which will contain information on licenses issued. These measures are intended to facilitate better oversight and management of coastal shipping operations, ultimately contributing to the growth and development of the maritime industry in India.
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