India Approves Coastal Shipping Bill to Boost Efficiency

India's cabinet has approved the Coastal Shipping Bill, aimed at streamlining shipping operations across the country and better integrating inland waterways with coastal shipping.

Indian shipping stocks surged following the news of the bill's cabinet approval. The bill is part of New Delhi's ongoing efforts to shift cargo transport from road and rail to ships, helping to reduce congestion.

This legislation is one of several initiatives from the Narendra Modi-led government focused on enhancing India's maritime capabilities. The prime minister is committed to developing some of the world's largest ports and shipyards in the coming years.

In July, the Ministry of Ports, Shipping, and Waterways launched the India Maritime Centre (IMC), a key initiative under the Maritime India Vision 2030. The IMC is designed to serve as a unified platform for the maritime industry, acting as a think tank for policy development and industry recommendations.