INDIA has a 7,500 km long coastline. It is located along the Mediterranean trade route that constitutes of approximately7-9 per cent of the global trade. This shows a great potential for Indian ship repairers to cater to foreign flagship vesselspassing by India’s coastline.
According to the Ministry of Shipping, out of country’s total trade, approximately 70% by value and 95% by volume ishandled by seaborne transport. The number of vessels registered under Indian flag have increased from 1135 in 2012 to1431 as on 01.04.2020. All ships and vessels undergo scheduled and unscheduled repair and maintenance during its entire life time. Ministry ofShipping has laid down various statutory requirements for periodic maintenance, repair and servicing of critical systems on board of ship or vessel.Increased seaborne trade would demand frequent repairs, maintenance and overhaul needs for vessels, which, in turn is sure to boost demand forship repair industry in India.
Source CA Naresh K Sheth, CA Sidharth Sheth
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