What? India will also establish a state-owned shipping company

The Indian government is expected to present its 2022-23 budget to parliament next month, wher it will announce incentives for the establishment of state-owned shipping companies.

Prior to this, India's Ports, Shipping and Waterways Authority and the Ministry of New and Renewable Energy are working together to plan to make ships use 100% of green energy such as solar, seawater, wind and hydrogen, in line with the global effort to reduce carbon emissions from shipping . Given that India relies on imports for all of its fuel oil and half of its natural gas, the plan, once implemented, could also help reduce ship operating costs in India.

India's annual exports are about $400 billion, while imports are nearly $500 billion, 95 percent of which is by sea and water. India pays nearly $65 billion a year to transport its imports and exports, and could reach $100 billion soon. Therefore, the Indian government plans to promote the establishment of shipping companies to carry its foreign trade, so as to avoid the flow of hard-earned foreign exchange abroad.

The Indian government announced in 2015 a program called Sagarmala (garland of the sea) to improve the performance of the country's shipping and logistics sector, which will invest $82 billion by 2035, including the construction of dozens of Ports and freight terminals to promote waterway trade.