India plays a key role in global maritime trade due to its strategic location, and accounts for over 2.1 percent of global trade. Maritime trade contributes over 95% of trade by volume and over 70% by value in India.
The industry has sought reduction in the Vessel Related Charges levied by the government by at least 30 per cent, over the current levels.
More than 30,000 Indian seafarers are stuck in their ships at ports in COVID-19 affected countries like the US, UK, Italy and Spain.
Representatives from the ports sector have raised concerns over the high operational cost and congestion at ports, shortage of labourers, movement of workers and truck drivers, et al, due to the lockdown
Hundreds of thousands of seafarers are operating ships with expired contracts because there's nobody else to take their place.
Logistics platforms see a 25% fall in order volume as the outbreak halts port operations
The services sector has held up well, while the Baltic Dry Index tracks the movement of commodities
The Bill paves the way for global ships to enter Indian shipyards for recycling.