INDIA’S ECONOMY:
India has been one of the fastest growing economies that witnessed rapid growth in the last decade. The country shows the potential to
become the world’s third largest economy after the US and China in the next two decades. In the midst of the global economic downturn, India’s growth story has had its dull moments. Structural challenges, governance issues, infrastructure bottlenecks, domestic policy factors and regulatory obstacles have affected the potential output, albeit in the short-term, lowering the pace of economic activity. So big challenges there! However, challenges bring newer opportunities. Macroeconomic policies and continued reforms can set the foundation for accelerated growth while new investment projects and strengthening exports can support a recovery in industrial activity. So, time for India to march ahead, and make things happen.
INDIA’S MARITIME SECTOR:
The Indian maritime sector has seen activity in terms of priority areas in Maritime Agenda 2020 getting attention, public-private partnerships
taking off, capacity enhancement projects picking up and more importantly policy measures being initiated such as relaxation of cabotage and new tariff guidelines for TAMP, to facilitate a competitive market. Challenges coming in the way of creating, building and sustaining maritime infrastructure are yet to be addressed to facilitate trade. Since infrastructure sector comprises several allied sub-sectors such as ports & shipping, roads and railways, which in turn need to work with finance and commerce, inter-ministerial coordination is a challenge as issues concerning planning, approval, funding, accountability, execution, supervision/monitoring and regulation are yet to be resolved.
INDIA MARITIME WEEK:
There is a dire need to propel India’s growth by fast-tracking regulatory reforms and implementation of projects. While challenges abound, so do opportunities. India being on the path of growth can still hasten development of logistics & warehousing infrastructure, capacities at ports, freight terminals, national manufacturing investments zones and industrial corridors. Accelerating policy and structural reforms for the benefit of trade will propel maritime development towards the aspiring goals. India Maritime Week will address these gaps in physical achievement of infrastructure projects, investments and trade facilitation by bringing together the maritime community and the government. Participation of both national and international maritime fraternity will offer newer perspectives. Conferences, trade forums and round tables will address specific issues all leading to the overall objective of facilitating trade through India’s ports, shipping and logistics sectors.