Business News | Union Minister Piyush Goyal Highlights Ports, Shipping, and Logistics as Key to India's Economic Growth
Get latest articles and stories on Business at LatestLY. Serving as the Chief Guest, Goyal emphasised that these sectors are the lifelines of India's economy, facilitating trade and connecting global opportunities with the country.
Mumbai (Maharashtra) [India], February 26 (ANI): Union Minister of Commerce & Industry Piyush Goyal underscored the critical role of ports, shipping, and logistics in India's economic growth at the 12th Biennial International Conference on Ports, Shipping & Logistics 2025, held in Mumbai on Tuesday.
According to the Ministry of Commerce and Industry, serving as the Chief Guest, Goyal emphasised that these sectors are the lifelines of India's economy, facilitating trade and connecting global opportunities with the country.
Highlighting India's vast shipbuilding potential, Goyal stated that the Government is actively exploring strategies to promote the sector.
He urged the industry to provide recommendations on making the flagging of vessels in India more attractive. "India has the advantage to allow cabotage of vessels and promote imports coming in Indian flagged vessels permitted within the WTO rules, but does not have enough flagged vessels to take advantage of the regulations," he noted.
The Minister called on stakeholders to propose solutions at both State and Central levels to encourage more companies to register their vessels under the Indian flag.
Goyal further highlighted the significant strides made in port infrastructure over the past decade, with India having doubled its port capacity and reduced ship turnaround times. However, he stressed the need to further strengthen the logistics ecosystem to accommodate growing trade volumes.
Noting that 95 per cent of India's trade volume passes through ports, Goyal emphasized the strategic advantage of the country's 7,500 km coastline.
He urged the industry to focus on improving logistics systems to better manage port traffic. The Unified Logistics Interface Platform (ULIP), introduced to streamline logistics operations, has been a step forward, but Goyal encouraged further industry-led innovations to develop a more integrated logistics framework. (ANI)
Addressing the workforce demands of the maritime sector, Goyal advocated for a hybrid training model to meet the increasing need for skilled seafarers.
He also identified key areas requiring improvement, including container ownership, container manufacturing, faster export speeds, and easing congestion at ports.
Amidst global trade uncertainties, Goyal expressed confidence in India's economic resilience, positioning the nation as a beacon of stability. He reiterated the vital role of maritime trade and logistics in achieving the vision of a "Viksit Bharat," where India's shipping and logistics capabilities drive long-term economic prosperity. (ANI)
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