Under Prime Minister Narendra Modi, the Indian government is significantly enhancing the maritime economy by increasing port capacity and advancing shipbuilding. During India Maritime Week, over 600 MOUs worth more than Rs 12 lakh crore were signed, focusing on sustainable shipping and technology, aiming to create jobs and boost the sector.
Intellian Technologies and Iridium Communications have launched the Iridium Certus® GMDSS Systems, enhancing maritime safety communication. The C200M and C700M systems ensure global coverage, including polar regions, and comply with international regulations. They feature user-friendly interfaces for urgent situations, combining GMDSS, LRIT, and SSAS functionalities in one terminal.
India’s maritime sector stands at a crucial juncture, with over 11,000 kilometers of coastline and vital port infrastructure. Despite handling 95% of trade by volume through maritime channels, its global shipping tonnage share remains under 2%. To modernize and expand, an investment of USD 885-940 billion is essential by 2047.
The Reserve Bank of India has exempted tugboats, dredgers, and offshore support vessels from Export Declaration Forms, aiming to enhance operational efficiency. Additionally, the RBI increased the maximum advance remittance for ship imports to $50 million, aligning maritime financial conditions with aviation and addressing long-standing industry concerns.
The Inland Waterways Authority of India (IWAI) has opened a new office in Srinagar’s Transport Bhawan, enhancing the Inland Water Transport (IWT) sector in Jammu and Kashmir. This initiative, supported by the J&K government, aims to improve river navigation infrastructure, boost eco-tourism, and invigorate the local economy through various projects.
Damen Shiprepair and Alfa Laval Benelux have signed a memorandum of understanding to boost energy efficiency in the maritime sector. This collaboration focuses on integrating Alfa Laval’s energy-saving technologies with Damen’s expertise during ship maintenance, aiming to streamline decarbonization upgrades and help shipowners meet sustainability targets efficiently.
The ambitious Yamuna waterway project aims to boost connectivity and eco-friendly tourism between Gokul and Vrindavan. Solar-powered boats will soon operate on a 22-kilometer route, featuring eight jetties. With oversight from the IWAI and a budget of ₹28.35 crore, this initiative promises a cleaner travel option for visitors.
The Union Budget’s revamped Ship Building Financial Assistance Policy and the ₹25,000 crore Maritime Development Fund have passed the Expenditure Finance Committee review, awaiting Cabinet approval. Finance Minister Nirmala Sitharaman announced the fund to enhance competitiveness in the maritime industry, including significant government contributions and updated shipbuilding assistance schemes.
Heavy rain over the Easter weekend in Germany has caused the water levels of the Rhine River to rise, allowing vessels to carry more cargo. However, the river is still too shallow for normal sailings, according to commodity traders. The extreme lack of rain in March and April resulted in low water levels.
Union Minister Sarbananda Sonowal launched cruise operations at the Mumbai International Cruise Terminal (MICT) on April 21. He inaugurated key projects, including the renovated Fire Memorial and the revamped Sagar Upvan garden. The MICT, designed to accommodate 1 million passengers annually, aims to boost Mumbai’s cruise tourism status significantly.
Adani Ports and SEZ Ltd has revealed plans to acquire a coal export terminal in Australia for $2.4 billion. The acquisition of Abbot Point Port Holdings Pte Ltd will enhance its foothold in the Asia-Pacific region. With a capacity of 50 million tonnes per annum, this move aligns with the company’s global growth strategy.
DP World has launched the Bharat Africa Setu in partnership with the Government of India to strengthen trade links between India and Africa. The platform will connect the two regions through sea and air connectivity, enabling Indian exporters to reach 53 African countries. The initiative aims to enhance trade efficiency.
European wind developers are urging governments to protect the industry, facing challenges in competitiveness and security. The EU aims for wind to contribute 35% of electricity by 2035, leading countries to expand renewable energy, particularly offshore wind. Developers want at least 100GW worth of CfDs auctioned over ten years to address issues.
Kochi Water Metro Ltd (KWML) is close to completing two new terminals at Kadamakudy and Pizhala. These terminals will improve transportation options for residents by connecting them to major city centers. The development is expected to boost tourism in the area and enhance overall economic growth.
Union Minister for Ports, Shipping, and Waterways, Shri Sarbananda Sonowal, announced plans for six harbor clusters in India. These clusters, including Cochin-Vizhinjam, Galathea South Bay, and Paradip, aim to boost capacity to over 500 MTPA by 2047. The focus is on infrastructural development under the Maritime Amrit Kaal Vision to meet future demands efficiently.
