India's Ports & Shipping sector is a linchpin in its economic framework, presently undergoing significant transformation due to strategic government initiatives. Notably, major ports handled over 819 Mn metric Tonnes of cargo in FY 2023-24, a testament to the sector's burgeoning capacity. The sector's importance is underscored by the ambitious Sagarmala Programme, which aims to reduce logistics costs for EXIM and domestic trade by optimizing the use of India's 7,500 km coastline. The National Maritime Development Programme, Maritime India Vision 2030, and Sagarmala Programme have planned investments exceeding $82 Bn to improve port infrastructure and operational efficiencies. Significant reforms include amending the Major Port Authorities Act and fostering autonomy and efficiency among major ports. Innovation is a key focus, supported by the Sagarmala Innovation and Startup Policy, which encourages the integration of advanced technologies like AI and IoT to streamline operations.
With a target to increase coastal shipping volume by 2030, policies are being streamlined to boost private sector participation, simplify regulations, and improve ease of doing business. Enhanced multimodal connectivity projects, such as the development of dedicated freight corridors and inland waterways, further integrate the logistics network, promising to reduce transportation costs significantly. India's ports are increasingly becoming hubs of economic activity, with container traffic at major ports witnessing substantial growth. Additionally, capacity augmentation projects, including the development of deep-draft ports like Vadhavan and Paradip, aim to handle larger vessels, thus improving efficiency and reducing turnaround time. These comprehensive efforts are geared towards making India's Ports & Shipping sector a global maritime powerhouse, driving economic growth, facilitating trade, and ensuring sustainable development.
(Source: https://www.investindia.gov.in/sector/ports-shipping)