The Port and Shipping industry is a critical component of an economy. It facilitates the inflow and outflow of all types of goods and essentially forms the framework for all the exports and imports of a country’s economy. It also propels trade within an economy as well. Inefficient ports create difficult situations and act as obstacles to import and export, whereas systematically designed ports make sure that firms do not suffer by not losing any time, money or cargo. 

Waterbodies have been significant to individuals and businesses around the world as a means of transportation and transmit. As opposed to a few decades ago, ships nowadays are carrying and transporting goods instead of people. In today’s modern era, tankers, bulk carriers and container ships are the most prominent means of transportation and each year carry a huge number, surely billions of tones of goods along designated trade routes between multiple diverse countries and their ports.

According to reports curated by the Ministry of Shipping, approximately 95 per cent of India’s trading by volume and around 70 per cent by monetary value is done through maritime transport. These figures just further accentuate the importance of ships and ports in our countries. India has 12 major and 205 reported minor and intermediate ports. The Indian ports and shipping industry plays an indispensable role in sustaining growth in the country’s trade and commerce. India is the sixteenth largest maritime country in the world, with an extensive coastline of more than 7,000+ km.

It can be easily concluded that India has a rich history and tradition of trade across seas. Ports constitute an extensive economic activity in specific coastal areas. The higher the volume of goods and passengers year after year, the greater the infrastructure, preparations, and related services are needed. These will bring varying types of benefits to the economy and to the country. Ports are also necessary for the support of economic activities in the inner regions of a country since they fundamentally act as a crucial link between sea and land transport. As a source of employment ports do not only serve an economic but also a social function. In terms of the load carried, shipping transportation is the most economically viable and efficient transportation system in comparison to other systems. Industries need a reliable and cost-effective means of exporting finished commodities and importing raw materials for production. Hence, it can be effectively noted that the bulk of industries in the world are located on the coastal belts, within the vicinity of major ports. In turn, these established industries influence the lives of the employees and indirect benefactors.

The Indian Government as well have taken major steps to propel the applicability of ports & ships in the country –

• • Essar ports are estimated to invest 70 million USD in the Hazira Port, by 2020 latest
  • The Indian Minister for Shipping, Road Transport and Highways, Mr Nitin Gadkari, has revealed that the Government is set to undertake a massive investment in India’s ports and roads sector, which is likely to undoubtedly help boost the country’s economy. Additionally, the Indian government plans to generate 10 coastal economic regions as part of plans to regenerate the country’s Sagarmala (string of ports) project.
  • The Indian Port Industry has witnessed three major M&A deals in 2017 itself.

Enhancing investments and cargo traffic indicate a healthy and positive outlook for the Indian ports sector. Providers of services and functions such as operation and maintenance (O&M) and pilotage & harbouring are benefiting from these investments. For youngsters looking to enter the domain of port & shipping management – should definitely check out UPES. MBA in Port and Shipping Management course offered by the institute is designed to develop the managerial skills required to combat the pressing challenges in the shipping industry.