In a bid to boost its maritime sector and foster global cooperation, India has solidified Memorandums of Understanding (MoUs) and bilateral agreements with 34 countries related to maritime transportation and cooperation. Additionally, the country has inked MoUs with 40 nations for the recognition of certificates of seafarers.
There is immense potential for economic transformation, with the Indian maritime sector welcoming potential investments exceeding INR 10 lakh crore (approximately USD 12 billion).
India’s remarkable economic growth was also acknowledged, as it now stands as the world’s fifth-largest economy in terms of GDP and the third-largest in purchasing power parity. Notably, the maritime sector in India is open to 100 percent FDI through automatic routes.
As India strengthens its maritime ties with an expanding list of nations, the prospects for economic development within the country’s maritime sector are poised to resonate domestically and resonate globally. This strategic push towards international cooperation in the maritime field is expected to further elevate India’s position on the world stage.
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