India is strategically located on the world’s shipping routes with a coastline of approximately 7,517 km. Maritime transport handles around 70% of India’s trading in value terms. The government has also introduced various fiscal and non-fiscal incentives for enterprises that develop, maintain and operate ports, inland waterways and shipbuilding in India.
The Government launched the ambitious Sagarmala Programme in March 2017, with the vision of port-led development and growth of logistics-intensive industries.
Under Sagarmala Programme, $123 billion would be invested across 415 projects across the components, Port Modernization and New Port Development, Port Connectivity Enhancement, Port-Linked Industrialization, Coastal Community Development
The projects identified under Sagarmala Programme are expected to impact mobilization of over $58 bn of infrastructure investment, double the share of inland and coastal waterways in the modal mix from 6%, reduce time for export by 5 days, boost merchandise exports by $110 billion, create 4 million new direct jobs and 6 million indirect jobs
As on January 2021, a total of 161 projects at a cost of $12 billion have been completed and 178 projects at a cost of INR 1,96,578 Crores are under implementation.
India has become the fourth country in the world to have its independent Regional Navigation Satellite System (IRNSS) recognized by the International Maritime Organization (IMO) as part of the World Wide Radio Navigation System (WWRNS). IRNSS will facilitate at least 2500 merchant vessels, including small fishing vessels in Indian waters, to use the system within an area of nearly 1500 km from the Indian boundary.
The India Maritime Vision 2030 has identified over 150 initiatives to boost the Indian maritime sector.