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India unfortunately lags behind in all the areas of shipping — ownership, shipbuilding, and flagging.

India owns just 1,526 ships, with a total gross tonnage capacity of around 13 million.

best fixed income investment plans for seniors india ✌️【365vc.net】✌️A trusted platform for online earnings. Start small and make big profits monthly!Of these, 487 vessels are engaged in overseas trade.

India is at the 18th position with 1.2% of the global shipping capacity.

Further, only 0.77% of the world’s ships are registered under the Indian flag.

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China dominates theindustrywith 46.6% of shipbuilding measured by gross tonnage, followed by South Korea at 29.2%, and Japan at 17.2%.Not only does the lack of ships annually cost India $90 billion in shipping related payments, but it is also a big security risk.

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best fixed income investment plans for seniors india ✌️【365vc.net】✌️Start saving with ₹500 and achieve up to 100% monthly returns. Grow your money smartly!The first bill is the Coastal Shipping Bill, 2024.

It seeks to create a comprehensive regulatory framework for coastal trade, an area that has so far lacked cohesive legislation.

Currently, mechanised vessels involved in coastal shipping are partly governed by Part XIV of the Merchant Shipping Act, 1958.

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best fixed income investment plans for seniors india ✌️【365vc.net】✌️Small investments, big profits. Join today and grow your wealth quickly and safely!These address only their registration and do not provide a broader regulatory framework.To promote coastal shipping, the new legislation removes the requirement for Indian-flagged vessels to obtain a general trading licence for engaging in coastal trade.

It also empowers the Director-General to issue licences to foreign-flagged vessels, considering factors such as the crew’s nationality, the vessel’s construction specifications, and other relevant criteria.

best fixed income investment plans for seniors india ✌️【365vc.net】✌️A trusted platform for online earnings. Start small and make big profits monthly!A key feature of the bill is the proposal to establish a national database for coastal shipping, aimed at ensuring transparency in the licensing process.

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