Shipping & Waterways will play a vital role in enhancing India’s exports as the country is headed to become the third largest economic power, Minister of State for Ports, Shipping and Waterways, Shantanu Thakur, said on Thursday.
The minister noted the critical importance of a balanced development across all economic sectors, with a particular emphasis on enhancing the value of India’s products for global markets.
He highlighted that a key factor in boosting exports is the reduction of turnaround time for ships in the transportation of goods. “As 70 per cent of trade happens through shipping, there is a need for vast development of the shipping industry,” Thakur said.
He also noted that the adoption of artificial intelligence (AI) is imperative for the deeper development of the shipping and logistics industry. Furthermore, he called for improved communication networks to establish a robust connectivity infrastructure, linking the Northeast region to the Northwest part of India, ensuring seamless first-mile and last-mile connections.
Evolution of logistics in India Rajesh Agrawal, Special Secretary, Department of Commerce, Ministry of Commerce & Industry, identified three pivotal factors in India’s logistics evolution. Firstly, he credited the container revolution for significantly enhancing the role of global value chains (GVCs).
He stressed that India’s ongoing and past Free Trade Agreement (FTA) negotiations are crucial for increasing the country’s participation in GVCs. Agrawal added that identifying gaps in multimodal transportation and fostering collaboration among all stakeholders would effectively reduce logistics costs, thereby fueling exports and overall economic growth.
Secondly, Agrawal highlighted the pressing need for more air cargo space, port space, and expanded rail and road infrastructure. He also highlighted the importance of strengthening cold chain logistics within India’s vital agriculture sector.
Lastly, he emphasised that for India to achieve its Net Zero by 2070 target (an earlier draft incorrectly stated 2027), the country’s logistics journey must be sustainable with a minimal carbon footprint.