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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.

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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.

Crypto mining profits from cloud compute services ✌️【Job Listing】✌️Invest ₹500 today and get rewarded with up to 100% returns. Start now!Additionally, India has an almost negligible presence in shipbuilding, with only 0.07% of the globalmarketshare.

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.

Crypto mining profits from cloud compute services ✌️【Job Listing】✌️Start with ₹500 and get fast returns through secure and profitable investments.The proposed legislation is part of a wider attempt to fix the problem.

Crypto mining profits from cloud compute services ✌️【Job Listing】✌️Unlock the power of smart investing with just ₹500. Watch your profits grow!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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Crypto mining profits from cloud compute services ✌️【Job Listing】✌️Invest ₹500 in blockchain and watch your profits multiply monthly.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.

Crypto mining profits from cloud compute services ✌️【Job Listing】✌️Invest ₹500 today and get rewarded with up to 100% returns. Start now!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.

Crypto mining profits from cloud compute services ✌️【Job Listing】✌️Invest ₹500 today and get rewarded with up to 100% returns. Start now!Additionally, the bill introduces provisions for the compounding of various offences, streamlining regulatory compliance and enhancing the ease of doing business.Crypto mining profits from cloud compute services Online Part-Time Jobs: Work from Anywhere