Time and again, Indian history has been written from the point of view of land-based events.  The focus has majorly been on developments that take place on land and rarely, has any major historical text laid emphasis on the importance on events that took place in the seas and oceans. For far too long we have neglected to realise the full potential of the seas and oceans. History is replete with examples, which show that- one who rules the oceans, rules the world. Therefore, the time has come for course correction.

The Indian maritime fraternity is witnessing a tectonic shift in the legal frameworks that regulate the industry.  With the introduction of a slew of changes in the Indian legal system pertaining to the maritime sector, it is imperative to have a basic understanding about them.  The Government has been actively promulgating legislative enactments and executive policies which are either maritime-centric or affect the Indian maritime industry in a substantive manner.  In the recent past, we have seen many maritime-centric legislations being enacted by the Government.  The process started with the enforcement of the Admiralty (Jurisdiction and Settlement of Maritime Claims) Act, 2017 in 2018.  This enactment has affected the length and breadth of the Indian maritime industry.  The range encompasses shipping companies, ship charterers, ship brokerage firms, maritime law firms, P&I correspondents, ship management companies and independent maritime law practitioners.

Whilst the Recycling of Ships Act, 2019 was promulgated to streamline the regulatory framework for environmentally-safe and efficient recycling of ships, the Coastal Shipping Bill, 2020 aims to improve the overall existing infrastructure pertaining to coastal shipping and inland waterways. Another important legislation that aims to bring about substantive change in the maritime milieu of the country is the Merchant Shipping (Amendment) Bill, 2022.  It is in the public domain for consultation.  On a bare perusal of the document, a trained maritime legal professional will observe certain positive changes that are encapsulated within it. It aims to replace the decades-old Merchant Shipping Act, 1958.  With the passage of this legislation, the Indian maritime industry will get a shot-in-the-arm. The investment opportunities, in the Indian maritime sector, will increase substantially due to a number of factors ranging from increase in “ease-to-do business” factor to provisions aimed at quick and efficient resolution of maritime disputes.

While things seem rosy, ground realities should be borne in mind and accordingly, active steps need to be taken to transform the positive effervescence into real and actual work. Whereas enacting new and focussed legislations are a welcome step in this regard, the real challenge lies in the implementation of such legislative enactments. In addition, the industry should also respond in an appropriate manner by incorporating systemic and structural improvements, which are being proposed by the Government, within its institutions and systems. When behavioural changes and overall working mechanisms improve, only then will the economy trudge along towards a trajectory of growth. Therefore, the onus lies on each individual to contribute in his/her own small way to help transform the Indian economy.

Marex Media