Revamping India's Shipping Sector: A Route to Global Trade Resilience
India's shipping ecosystem needs enhancement to reduce vulnerability during global crises and boost trade, according to Rajesh Agrawal, Special Secretary in the Department of Commerce. Limited Indian flag vessels contribute to a USD 50 billion trade deficit, emphasizing the need for better logistics control to achieve the 2047 Viksit Bharat goal.
India must enhance its shipping infrastructure to mitigate risks posed by global crises and bolster its trade reach, emphasized Rajesh Agrawal, Special Secretary in the Department of Commerce, on Thursday.
The shortage of Indian flag vessels is a significant concern, causing an estimated USD 50 billion trade deficit in the services sector due to inefficiencies in maritime logistics.
To achieve its 2047 Viksit Bharat objective, India must secure a minimum level of control over the global logistics network, which is crucial for supporting international trade, particularly amidst international challenges like the Covid pandemic and other disruptions.
(With inputs from agencies.)
- READ MORE ON:
- India
- shipping
- ecosystem
- trade
- global crises
- logistics
- Viksit Bharat
- maritime
- control
- export
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