Commerce and Economy
India is blessed with a rich maritime heritage, to shape Indian maritime sector into a robust engine of nations development top priority must be given to port-led development. There have been discussions and deliberations about taking concrete measures to add pace to capacity building and enhancing efficiency of the sector with the favourable policies and reforms. India certainly needs to work towards ease of doing business, creating modern infrastructure of global standards to ensure modern multi-model connectivity and to strengthen its position in the global maritime scenario. For achieving global credibility India needs to focus on four areas:
• Developing Indian Controlled Tonnage
• Increase India’s insurance capacity for the maritime sector
• Set-up Indian Maritime Arbitration body for International maritime disputes
• Establishing India as a hub for bunkering activities
Outcomes of the Session - An overview
India has potential to develop International standard Maritime Clusters with immense strategic benefits including reputation enhancement, knowledge hotspots and employment at all levels. India needs to work on creating a level playing field and adding capacity.
Indian Arbitration Body
Maritime arbitration is an efficient and effective method of resolving maritime disputes. Maritime disputes are technical, commercial, and global in nature and is required to be accepted by stake holders involve in maritime international trade. India has a long tradition of arbitration, such as the settlement of differences by tribunals agreed-upon by the involved parties. There is certainly a need to build upon this tradition and advance the Maritime Arbitration status of India in the world.
Shipping is an extremely capital intensive and cyclical sector. A shipowner assumes a significant level of risk. Aiming towards leasing assistance for shipowners may be a sensible course of action, but ship leasing is a commodity that is still in its early stages, and there is inherent risk attached with it. In India, marine insurance is one of the least known sectors of the shipping and port industries.
The below development prospects are as a result of the IMRC 2022 symposium sessions and protected by the IMRC team. If you are a researcher who wishes to pursue any project as part of your graduate thesis, undergraduate thesis, PhD, or profession, you can apply with IMRC to do the same.
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