India has unveiled a comprehensive maritime initiative aimed at enhancing trade and expanding its influence in global shipping. Central to this plan is the launch of Bharat Container Line, a new liner operator designed to decrease India’s dependence on foreign shipping companies. Initially, Bharat Container Line will operate a fleet of 100 vessels, far fewer than major players like Mediterranean Shipping Co., which has around 900 vessels.
In tandem with these developments, Prime Minister Narendra Modi recently visited CMA CGM in Marseilles, collaborating with French President Emmanuel Macron on logistics partnerships. This aligns with the India-Middle East-Europe Economic Corridor (IMEC), which aims to position Marseille as a pivotal hub for Indo-Mediterranean trade. CMA CGM’s chairman emphasized that IMEC is crucial for economic connectivity and sustainable growth.
Additionally, India announced a $3 billion Maritime Development Fund focused on enhancing domestic shipbuilding and international port infrastructure, drawing parallels to China’s Belt and Road Initiative. These efforts come at a time when India is increasingly involved in global supply chains, especially as it has become a key transshipment point for Russian oil products amid international sanctions.
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