India's Shipping Sector: Key to Becoming a Global Economic Power

India's path to becoming the world's third-largest economic power hinges on increasing exports, with a significant emphasis on the shipping and waterways sectors, according to Shantanu Thakur, Minister of State for Ports, Shipping and Waterways. Speaking at a CII event, Thakur highlighted the need for balanced sectoral development and enhancing the value of Indian products to achieve this vision.

Thakur identified a reduction in turnaround time for goods transportation as crucial. With 70 percent of trade conducted via shipping, he stressed the necessity for extensive development in the shipping industry. The minister also pointed out the importance of embracing artificial intelligence to drive growth within the shipping and logistics sectors.

Furthermore, Thakur emphasized improving communication systems across India, from the Northeast to the Northwest, to establish a robust infrastructure ensuring seamless connectivity. Such improvements are vital for realizing seamless first-mile and last-mile connectivity, a pivotal aspect of elevating India's global trade standing.

(With inputs from agencies.)