New Delhi, Aug. 7 -- The Indian government is introducing a legal measure to strengthen its shipbuilding industry, in addition to upcoming fiscal and financial incentives aimed at propelling India into the top five global shipbuilding nations by 2047.

A key component of this push is the Coastal Shipping Bill, which has already passed the Lok Sabha and awaits approval from the Rajya Sabha.

The bill seeks to update regulations for vessels operating in India's coastal and export-import (EXIM) trade.

Under the proposed law, Indian-flagged ships will no longer require a licence from the Directorate General (DG) of Shipping to operate in coastal or EXIM trade.

However, foreign-flagged vessels will be required to obtain licences. These licen...