During the recent winter session of Parliament, a series of four bills were introduced that aim to revolutionize India’s maritime industry, crucial for national security and economic growth. Despite the importance of ships in this industry, discussions often focus on the efficiency and logistics of ports. Unfortunately, India lags behind in various aspects of shipping, with a small percentage of the world’s shipping capacity and a minimal presence in shipbuilding.
One of the key bills proposed is the Coastal Shipping Bill of 2024, which seeks to provide a comprehensive regulatory framework for coastal trade. Currently, existing laws only partially regulate mechanized vessels used in coastal shipping, leading to gaps in oversight. The new law aims to streamline licensing processes, promote coastal shipping by eliminating unnecessary requirements, and establish a national database to enhance transparency.
Another significant bill is the Merchant Shipping Bill, 2024, which aims to simplify ownership and registration regulations for Indian vessels. The new bill expands eligibility for ownership to include non-resident Indians, overseas citizens of India, and other entities apart from Indian citizens, in contrast to previous regulations. Moreover, the bill introduces provisions to reduce compliance costs, facilitate commercial operations, and ensure India’s compliance with international agreements.
Overall, these bills represent a crucial step towards enhancing the Indian maritime industry. By addressing regulatory gaps, promoting coastal shipping, and streamlining ownership regulations, they set the stage for a significant transformation in the sector. Keep an eye on this area as further developments unfold, with more measures expected to be introduced to bolster India’s shipping environment.
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