The Business Bytes
New Delhi, December 3, 2024 (TBB Bureau): The Maritime India Vision (MIV) 2030 is redefining the future of India’s maritime sector, laying a comprehensive framework for the holistic development of ports, shipping, and waterways. With 150 transformative initiatives spanning ten interconnected themes, MIV 2030 is designed to propel India into global maritime leadership, Union Minister for Ports, Shipping & Waterways, Sarbananda Sonowal, informed the Rajya Sabha on Tuesday. These themes include port infrastructure development, enhancing logistics efficiency, boosting Indian shipbuilding tonnage, increasing coastal and waterway traffic, fostering technological innovation, promoting sustainability, and strengthening global collaboration. Together, they address every facet of the maritime ecosystem, ensuring India’s emergence as a leading maritime nation.
Over the past three years, MIV 2030’s impact has been evident through significant advancements in the sector. The capacity of major ports increased from 1,598 MMTPA in FY22 to 1,630 MMTPA in FY24, while the vessel turn-around time was reduced from 53 hours to 48 hours during the same period. Ship berthday output also witnessed remarkable growth, improving from 16,000 MT to 18,900 MT. India’s maritime sector has gained international recognition, with two Indian ports featuring among the world’s top 30, and the country’s ranking on the World Bank’s Logistics Performance Index (LPI) jumping from 44 in 2018 to 22 in 2023.
India’s coastal and waterway trade has experienced robust growth, with cargo volumes handled by National Waterways rising from 108 MMT in FY22 to 133 MMT in FY24, and coastal tonnage increasing from 260 MMT to 324 MMT during the same period. These advancements were supported by a significant rise in capital expenditure, which grew by 37% to ₹7,571 crore in FY24, compared to ₹5,527 crore in FY22. Similarly, gross budget support increased by 54% to ₹1,687 crore. This financial commitment has driven the sector’s modernization and expansion, with 75 port development projects awarded over the past three years, focusing on enhancing cargo handling capacity and operational efficiency.
The growth in maritime trade has spurred employment opportunities across the sector. Expansion of port infrastructure, increased cargo handling, and rising coastal and inland waterway operations have created jobs in logistics, shipping, port operations, and shipbuilding. Additionally, the promotion of cruise tourism and maritime services has contributed to economic growth and skill development, further enhancing employment prospects.
To ensure systematic progress, the Ministry of Ports, Shipping & Waterways has implemented cutting-edge monitoring mechanisms. The Sagarmanthan Portal provides real-time visibility into key performance indicators, projects, and long-term strategies. Functional cells such as Viksit Bharat Sankalp (ViBhaS) at the Ministry level and Neel Arth Vision Implementation Cells (NAVIC) at the organizational level have been established to track progress, foster innovation, and maintain alignment with MIV 2030’s objectives.
Sonowal highlighted these achievements in a written reply to the Rajya Sabha, emphasizing the transformative role of MIV 2030 in positioning India as a global maritime leader.
