Commerce and Industry Minister Piyush Goyal during a meeting with singapore’s Deputy Prime Minister Gan Kim Yong on Tuesday discussed ways to boost economic ties and the opportunities in the Indian shipping sector.
Goyal is here on an official visit to meet French leaders and businesses to host trade and investments between the two countries.
In the last three-days, the minister has held a series of meetings with top CEOs and ministers, including International Energy Agency ED Fatih Birol, Nigeria’s trade minister Jumoke Oduwole, French minister of economy and finance Eric Lombard,
automotive supplier company Valeo Group CEO Christophe Perilat, and L’Oreal Groupe CEO Nicolas Hieronimus and highlighted huge investment opportunities in India.
Sharing details of his interaction with Gan Kim Yong, Singapore’s Deputy Prime Minister and Minister for Trade and Industry, Goyal posted on X:
“Discussed enhancing our bilateral trade & investment ties. Also, highlighted the tremendous opportunities India offers across various sectors, especially in the shipping sector.”
https://x.com/PiyushGoyal/status/1929773631116091528?t=Ifdn2LSpgxyoDMI760dQDA&s=19
Discussions on the shipping sector is particularly timely, as India looks to scale up maritime capabilities to reduce logistics costs and support trade growth. The Red Sea crisis exposed vulnerabilities, with Indian exporters facing soaring freight rates due to surcharges by foreign shipping lines.
Recognizing the strategic importance of maritime logistics, the Union Budget announced the creation of the Maritime Development Fund (MDF) to support the sector.
The fund aims to provide financial assistance—through equity or debt—to facilitate ship acquisition and fleet expansion.
The initiative targets increasing the share of Indian-flagged ships in global cargo volume to 20% by 2047. Strengthening the domestic fleet is expected to reduce reliance on foreign carriers, improve India’s Balance of Payments, and safeguard national strategic interests.
By 2030, the MDF aims to attract up to ₹1.5 lakh crore in investments, further accelerating India’s emergence as a global shipping and trade hub.
