Lok Sabha passes Coastal Shipping Bill 2024; will give fillip to maritime commerce, says Sonowal

India's Lok Sabha has passed the Coastal Shipping Bill 2024, a significant move aimed at enhancing maritime commerce. The bill, introduced by Union Minister Sarbananda Sonowal, seeks to streamline and modernize coastal shipping regulations, making it more efficient and competitive. It replaces outdated legal frameworks with provisions designed to promote the use of domestic waterways for cargo movement, reducing logistics costs and easing congestion on road and rail networks.

A key feature of the bill is the prioritization of Indian-built and Indian-flagged vessels, strengthening domestic shipping industries. Additionally, it encourages private sector investment in port infrastructure, fleet expansion, and digitalization of shipping operations. By boosting coastal trade, the government aims to enhance multimodal logistics, aligning with its broader vision of making India a global supply chain hub.

Industry experts believe the bill will lower costs for businesses relying on coastal transport, improving efficiency in key sectors such as manufacturing, agriculture, and energy. As India expands its port capacities and trade corridors, the Coastal Shipping Bill is expected to play a crucial role in strengthening India’s maritime economy and improving its standing in global trade.