Shipping Ministry Releases Draft ‘Sagarmala Innovation And Start-Up Policy’
Recently the Ministry of Ports, Shipping and Waterways (MoPSW) has released the draft “Sagarmala Innovation and Start-up Policy”.
The above draft policy aims at nurturing start-ups and other entities to co-create the future of India’s growing maritime sector.
The size of India’s maritime sector is huge. It includes 12 major ports and more than 200 minor ports.
About 95 percent of the country’s trade by volume and about 65 percent by value is accomplished through sea transport.
Challenges before the rise of maritime sector start-ups in India
- There is a lack of coordination between the maritime sector-specific system and industry for start-ups.
- Marine start-ups are often hardware start-ups compared to commonly available software or app based start-ups. In such a situation, they require a lot of financial assistance over time.
- It also has to comply with a number of other international regulatory requirements including International Maritime Organization (IMO) regulations, green ports, environment, safety and security.
Highlights of the Draft Policy
- Marine Innovation Hub (MIH): It will develop incubator and accelerator as well as centralized repository, attract investments etc.
- Apex Committee: It will provide overall guidance as well as approve the programme. In addition, it will also monitor and periodically review the progress made by the MIHs of individual institutions/organizations.
- Incubators: These will support start-ups in the early stages.
- Seed Fund Scheme This facility will be available to select start-ups that are part of Incubators/Accelerators.
Why are start-ups needed in the maritime sector?
- To promote decarbonization of marine sector industry and green port technologies.
- To optimize processes, improve efficiencies and expand profitable activities in the maritime sector using artificial intelligence and machine learning.
- To enhance maritime cyber security,
- To develop smart communication, to bring state-of-the-art marine electronics etc.
Source – Business Standard
