India's Economic Growth Hinges on Shipping and Logistics, Says Minister Goyal

Union Minister Piyush Goyal emphasized the importance of ports, shipping, and logistics in India's economic growth at a conference in Mumbai. He highlighted the potential and challenges in the shipbuilding sector, called for industry input, and urged improvements in training, container management, and logistics systems.

Union Minister of Commerce & Industry Piyush Goyal highlighted the pivotal role of ports, shipping, and logistics in bolstering India's economy during the 12th Biennial International Conference in Mumbai on Tuesday. Addressing attendees, Goyal underscored these sectors as critical lifelines facilitating trade and connecting global opportunities with India.

Goyal spotlighted India's shipbuilding potential, urging the industry to devise strategies to enhance vessel flagging attractiveness. He noted India's advantage in cabotage and WTO-compliant regulations but lamented the lack of Indian flagged vessels to capitalize on these benefits.

The Minister called for solutions at state and central levels to increase vessel registration in India and noted remarkable progress in port infrastructure. He stressed the importance of strengthening logistics to handle growing trade volumes, pointing to India's strategic 7,500 km coastline.

With 95 per cent of trade passing through ports, Goyal urged a focus on improved logistics systems. He lauded the Unified Logistics Interface Platform as a positive step but encouraged more industry-led innovations for better integration.

In addressing maritime workforce training needs, Goyal advocated a hybrid model for training skilled seafarers. He also highlighted areas for improvement, such as container ownership and manufacturing, export speed, and port congestion management.

Despite global trade challenges, Goyal expressed confidence in India's resilience, portraying the nation as an economic stability beacon. He reiterated maritime trade's crucial role in realizing a "Viksit Bharat" where shipping and logistics propel long-term prosperity.