India reaffirms to take inland water transport share to 7 pc by 2047

New Delhi [India], April 26 (ANI): At a two-day conference in Kochi, the Ministry of Ports, Shipping and Waterways (MoPSW) reaffirmed its goal to boost the share of Inland Water Transport (IWT) to 5 per cent by 2030 and 7 per cent by 2047, as outlined in Maritime Amrit Kaal Vision 2047.
At present, the share is likely negligible.
The Ministry, along with Cochin Shipyard Limited (CSL) and Inland Waterways Authority of India (IWAI) earlier this week organised a two-day conference in Kochi on 'Challenges and Prospective Solutions in Inland Waterways and Shipbuilding', bringing together various state departments, industry experts and stakeholders to delve into pressing issues within the maritime sector.
The conference, which featured four sessions, focused on the imperative of decarbonizing the maritime industry and addressed critical challenges in inland water transport and shipbuilding.
R Lakshmanan, Joint Secretary, MoPSW said "The two-day conference at Kochi successfully facilitated enriching discussions encompassing India's key priorities including Green Transition of Inland Waterways, establishment of a dedicated Sectoral Maritime Development Fund, promoting domestic shipbuilding, etc."
"This is one among many such meetings being conducted by the ministry to identify and address the key challenges faced by the maritime stakeholders in achieving the targets set forth in Maritime Amrit Kaal Vision 2047."
The inaugural session brought to the fore the Ministry's decarbonization efforts in the inland waterways sector being spearheaded by IWAI and CSL by deployment of Green Hydrogen Fuel Cell Inland Vessels, aligning with MoPSW's Harit Nauka Guidelines. Varanasi has been selected as the pilot location for immediate deployment on NW-1, with expansion plans informed by pilot learnings.
It was discussed that discussions are ongoing with potential players for facilities such as bunkering, etc. Also, it was informed that due to its low emission qualities, methanol is also actively considered as one of the key green fuels for EXIM Vessels globally as seen in the recent case of Maersk's deployment of Methanol Powered Ships.
Going forward, it was suggested to explore mechanisms of developing indigenous development of Methanol marine engines in the country as a progressive step towards the Green Transition of Inland Vessels.
Another session delved into the pressing financing needs of India's shipping sector, underscoring the mammoth investment requirement of approximately Rs 70-75 lakh crore as outlined in the Maritime Amrit Kaal Vision 2047.
The discussion illuminated various financing challenges encountered by Indian maritime stakeholders, particularly in the shipping sector.
The challenges include the non-availability of long-term funding, which is crucial for sustainable growth, along with lower interest rates.
Other key topics that were discussed included enhancing frameworks, increasing research and development efforts, and advocating for the global promotion of MAKV 2047 to attract international investment in Indian shipbuilding.
Participants were encouraged to submit their challenges, interventions, and policy suggestions post-conference for further consideration. India aspires to become one of the top 5 shipbuilding nations by 2047. (ANI)