Shipping plays an important role in the transport sector of India's economy. Approximately, 90 per cent of the country's trade by volume (70 per cent in terms of value) is moved by sea. India has the largest merchant shipping fleet among the developing countries and ranks 20th amongst the countries with the largest cargo carrying fleet with 8.83 million GT as on 01.06.2008 and the average of the fleet being 18 years. Indian maritime sector facilitates not only transportation of national and international cargo but also provides a variety of other services such as cargo handling services, shipbuilding and ship repairing, freight forwarding, lighthouse facilities and training of marine personnel, etc.

The salient features of India's shipping policy are the promotion of national shipping to increase self-reliance in the carriage of the country's overseas trade and protection of stakeholders interest in EXIM trade. India's national flag-ships provide an essential means of transport for crude oil and petroleum product imports. National shipping makes significant contribution to the foreign exchange earnings of the country.

Source: http://india.gov.in/