New Delhi, Sept. 29 -- Today, India is an inconsequential player in the global shipping space.

Indian ships carry a minuscule share of the country's export-import trade, and Indian shipyards take years to deliver a ship. This makes the nation vulnerable strategically and economically, as the resilience of its trade and supply chain is weak. The government, aware of this situation, recently announced measures to revitalize the sector. Mint evaluates these proposals.

The maritime sector is the backbone of India's economy, as 95% of the trade, in volume terms and 70%, in value terms, happens through sea. But only around 5% of India's export-import (EXIM) merchandise is handled by Indian ships. This is a sharp drop from 40% in 1987-88.

The...