Economics
Context: Recently, Union Minister for Ports, Shipping and Waterways stressed upon reducing pollution intensity and evolve strategies to introduce renewable energy and green hydrogen in the shipping sector.
About Shipping Industry in India :
- According to the Ministry of Shipping, around 95% of India’s trading by volume and 70% by value is done through maritime transport.
- India has 12 major and 205 notified minor and intermediate ports.
- Mumbai Port is India’s largest port by size.
- Tamil Nadu has the highest number of major ports in India.
- Krishnapatnam Port, is the deepest port in India .
- India is the sixteenth-largest maritime country in the world with a coastline of about 7,517 kms.
- The Indian Government plays an important role in supporting the ports sector.
- It has allowed Foreign Direct Investment (FDI) of up to 100% under the automatic route for port and harbour construction and maintenance project
- India’s merchandise exports in FY22 were at US$ 417.8 billion, up 40% from the previous year.
- Indian ports received cumulative FDI inflow worth US$ 1.63 billion between April 2000-June 2021.
- Jawaharlal Nehru Port Trust (JNPT) Special Economic Zone (SEZ) became the first of its kind operational port-based multi-product SEZ in India.
- APSEZ (Adani Ports and Special Economic Zone) plans to become the world’s largest private port company by 2030 and carbon neutral by 2025.
- India was ranked 44th in the Logistics Performance Index, a measure through which the World Bank ranks countries based on their logistics performance.
- Logistics Performance Index (LPI) :
- It is released by World Bank
- India ranked 44th on the LPI in 2018
Government Initiative to boost Shipping Industry:
The Sagarmala Programme –
- It is the flagship program of the Ministry of Shipping to promote port-led developmentin the country.
- It aims to modernize India’s Ports
Source: AIR
Previous Year Questions
Q.1) With reference to the international trade of India at present, which of the following statements is/are correct? (2020)
- India’s merchandise exports are less than its merchandise imports.
- India’s imports of iron and steel, chemicals, fertilizers, and machinery have decreased in recent years.
- India’s exports of services are more than its imports of services.
- India suffers from an overall trade/current account deficit.
Select the correct answer using the code given below:
- and 2 only
- 2 and 4 only
- 3 only
- 1, 3, and 4 only
Q.2) India’s ranking on the ‘Ease of Doing Business Index’ is sometimes seen in the news. Which of the following has declared that ranking? (2016)
- Organization for Economic Cooperation and Development (OECD)
- World Economic Forum
- World Bank
- World Trade Organization (WTO)
