A revolutionary growth is being forecasted in the Indian shipping sector as government shows keen interest in overhauling maritime capacities and facilitating it with advanced technology and infrastructure. By 2020, India’s port capacity is estimated to reach 3,200 MMT, more than double of its current figures. There is a development plan of six new mega ports under the National Perspective Plan for Sagarmala, which will take the total count of major ports to 18.The government is also spending USD 11.8 billion on the National Maritime Defelopment Programme.
With the Indian coastline stretching across 7,517 kms and more than 200 ports there is no denying of its possibility of being one of the most sought after destination for maritime investors. The location advantage adds further impetus to the industry. Along with that the Sagarmela plan which intends to build 12 coastal economic regions through an investment of 12 lakh crore, modern shipbuilding flair, modernization of existing ports, and major influx of FDI investments are all pointing towards a huge potential in the sector. The government has put the sector of fast track and is eager for its holistic development.
The growth is however dependent on risks that grip the sector and its several stakeholders. Shipping industry contains risk of safety, lost merchandise, untimely delivery, theft and property loss, cyberattack, accidents, natural disaster, and information lapse. Since sailing through different waters requires a collaborated understanding between different nations, the biggest risk is of changing global dynamics, shifting policies that govern the waters, wars and terrorism attacks.
Epoch Brokers is well versed with the risks that surround shipping industry and addresses them through the nose by smartly framed insurance strategies. These strategies are developed after several rounds of risk evaluation and mitigation to ensure that all stakeholders in the industry are adequately covered and can foray into uncharted waters without the fear of loss and grab on to the new oppurtunities in the sector.
