Shipping industry is the backbone of global trade and has now freed itself from clutches of the recession and downturn. According to shipping analysts the future looks bright for the shipping industry in India. The continuing investment in new ships and commitment for development of its infrastructure and network will make it a more contributing sector towards economic growth.
According to the recent news, Indias shipping tonnage crossed 10 million GT mark in the last year. Indian Registrar of Shipping (IRS) has also got membership in International Association of Classification Societies (IACS). The ministry of shipping said that the capacity of major ports has increased from 574.77 million tonnes as on March 31, 2009 to 616.73 million tonnes as on March 31, 2010. The Indian tonnage crossing the 10 million is a truly creditable performance and this indicates the optimistic future prospects of shipping industry. The INSA member said that the achievement of getting IRS the membership of IACS is a turning point of countrys maritime industry.
As the operating environment of shipping industry appears to be promising, Indian shipping administration is making considerable efforts for the development of this sector. In order to build a strong platform for driving long-term growth in shipping sector, an increase in governments thrust on shipping and port sector can be seen. Indian Marine Casualty Investigation Cell has been established to investigate marine causalities such as sinking or collision of vessels, groundings or death or injury omission reports of seafarers. The shipping industry is anticipating rapid growth and considerable interest from investors.
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