PM Modi flags ₹6 lakh cr shipping bill outflow that equals defence spend, calls for Atmanirbhar push

Prime Minister Modi highlighted India’s significant annual expenditure of ₹6 lakh crore to foreign companies for shipping, nearly equivalent to the country’s defense budget. He attributed this dependence to the Congress governments’ neglect of domestic shipbuilding, hindering India’s potential. Modi emphasized the need for self-reliance in the shipping sector to bolster economic sovereignty and realize […]

Container freight rates are projected to remain low due to global trade uncertainties caused by US tariffs. Exporters accelerated shipments to the US before tariff deadlines, leading to an 18% increase in exports during April-August 2025. Oversupply of capacity and weakening global demand are expected to further depress sea freight rates, impacting smaller exporters significantly.

The government has granted infrastructure status to large ships, defined as commercial vessels meeting specific tonnage and ownership criteria, aiming to facilitate easier and cheaper financing for shipbuilding in India. This move, aligned with the Maritime India Vision 2030, anticipates significant investment in the shipping sector and supports the development of shipbuilding clusters.

Mercantile Ports & Logistics Ltd. has initiated legal action against a group of unidentified banks in India, alleging they failed to act fairly during refinancing negotiations. The company claims a third party is attempting to acquire its outstanding debt from the banks, potentially disrupting the refinancing process.