India’s cabinet has today approved the Coastal Shipping Bill, legislation designed to cut red tape for shipping operations across the world’s most populous nation as well as better integrating inland waterway shipments with coastal shipping. Indian shipping stocks surged today on news of the bill heading to the cabinet for approval. New Delhi has been keen to move cargo movement from road and rail to ships to ease congestion. The bill is the latest in a stream of initiatives from the Narendra Modi-led government designed to foster maritime capabilities with the prime minister determined to create some of the world’s largest ports and shipyards in the coming years. In July, India’s Ministry of Ports, Shipping, and Waterways launched the India Maritime Centre (IMC), a cornerstone initiative under the Maritime India Vision 2030 of the Modi administration. The IMC aims to provide a unified platform for the Indian maritime industry, acting as a think tank for policy formulation and industry recommendations. googletag.cmd.push(function() { googletag.display('div-gpt-ad-1_95_0_1_2'); }); TagsIndia