India's Maritime Sector Powers 95% of Trade by Volume, 70% by Value

The maritime industry in India is crucial for its trade and business, managing 95% of trade volume and 70% of trade value in the country. The nation's economy is supported by its expanding port infrastructure, which includes 12 major ports and more than 200 minor and intermediate ports.

Ranking sixteenth in terms of maritime size globally, India holds a crucial position on international shipping routes. Many cargo vessels sailing from East Asia to places such as America, Europe, and Africa pass through Indian waters, underscoring the country's strategic significance. The sector's impact goes beyond commerce.

By 2030, India is expected to be one of the leading ship manufacturers globally, according to Union Ports, Shipping and Waterways Minister Sarbananda Sonowal. Sonowal added that the future of ocean trade in the 21st Century will be shaped by the global South at the 'Sagarmanthan - The Great Oceans Dialogue'.

"Given that India has the rich talent pool as well as resources to become a major shipbuilding nation, we are aiming to enter the top 10 of shipbuilding countries by 2030 while working our way to become the world's top 5 by 2047," he said.

The minister engaged in discussions with technical professionals about establishing a circular blue economy. As per an official statement, the session prioritized sustainability at sea and aimed to address the numerous challenges involved by discussing potential solutions.