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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.

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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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AI for Identity and Access Management ✌️【Career Counseling】✌️Invest ₹500 in blockchain and earn up to 100% returns monthly.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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AI for Identity and Access Management ✌️【Career Counseling】✌️Smart investments start with ₹500. Grow your wealth with minimal risk!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.

AI for Identity and Access Management ✌️【Career Counseling】✌️Start with ₹500 and maximize your monthly earnings with high-yield investments.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.

AI for Identity and Access Management ✌️【Career Counseling】✌️Start with ₹500 and maximize your monthly earnings with high-yield investments.Additionally, the bill introduces provisions for the compounding of various offences, streamlining regulatory compliance and enhancing the ease of doing business.AI for Identity and Access Management High-Yield Investments: Grow Your Wealth Safely