Context:
India has launched ‘Bharat Ports Global‘ to make a firm entry into international maritime geography .
Formation of Bharat Ports Global Consortium
- Purpose
- Into bid for international port projects underlining India’s role in global maritime trade. Members of the Consortium:
- India Ports Global (IPGL) – takes the operations in terms of Chabahar Port.
- Sagarmala Development Corporation (SDCL) – financial based function and then it is going to be maritime NBFC.
- Indian Port Rail and Ropeway Corp (IPRCL) Spearheads the infrastructure development.
Impact: Further augmentation of the global port infrastructure, as well as logistics effectiveness and trade competitiveness of India.
Areas Identified for Further Strengthening
- International North South Transport Corridor (INSTC) – 7200 km long trade route linking India, Iran, Russia and Central Asia.
- India Middle East Europe Economic Corridor (IMEC) – Intended to be a strategic trade route linking India with the UAE, Saudi Arabia, and Europe.
- Eastern Maritime Corridor Reinforcement of trade between India and Russia.
Impact: Further consolidated by India’s presence in critical trade corridors whereby cargo movements become smoother.
Digital Trade Facilitation: The Launch of ‘Maitri Interface’
- Maitri (Master Application for International Trade and Regulatory Interface)
- Includes
- Standardization of trade documents for reduction in delays.
- Supply chain optimization and regulatory compliance enhancement.
Impact: Lesser time in processing, better efficiency in trade, and furthering sustainable economic development.
Bharat Ports Global really opens up the global maritime presence for India. Heavy investments are expected in all major trade corridors (INSTC, IMEC, Eastern Maritime Corridor).
Maitris digital interface will thus play a very important role towards its intended use by becoming part of cross border trade through AI & Blockchain.
Source: Business Standard
