The Indian shipping fleet are over aged and about 42 per cent of the fleet is over 21 years of age, according to the Economic Survey for 2019-20 that was tabled in the Indian parliament last week.
Union Finance Minister Nirmala Sitharaman tabled the Economic Survey for 2019-20 in Parliament. The Economic Survey said that the average aging of the fleet has been only increasing in the last many years. Moreover, it said that Indian had one of the largest merchant fleet among the developed countries but the Dead Weight Tonnage or DWT was only 0.9 per cent.
Stating that shipping was an essential transport in the country, the Economic Survey said that about 95 per cent of the country’s trade by trade volume and 68 per cent in terms of value was transported by sea, \
The Economic Survey also said that the tonnage tax regime by the government had boosted the growth of the Indian Shipping fleet and also in tonnage. The Survey also noted that the global economic slowdown had still had its impact on the shipping industry.
With respect to Ports, the Economic Survey said that the government had been envisaging new programmes to improve their efficiency. It also said that the efficiency parameters have considerably improved. IT said that the turnaround time in 2018-19 was 59.51 hours where as it was 64.43 hours in 2017-18.