Sanjeev Sanyal, a prominent member of the Prime Minister’s Economic Advisory Council (EAC), recently highlighted significant concerns regarding India's substantial reliance on foreign-owned merchant ships for its international trade. During a public address, Sanyal reportedly stated that the nation's current indigenous shipping capacity is "not enough," advocating strongly for the development of a substantial India-owned merchant fleet to mitigate inherent economic and strategic risks.

Sanyal's remarks underscore a critical vulnerability in India's economic framework. He cautioned that depending heavily on foreign vessels exposes the nation to potential disruptions in global supply chains, price fluctuations in freight charges, and strategic pressures from external entities. This reliance, he suggested, could impede India's ability to maintain stable trade flows, particularly during times of international crises or geopolitical instability, thereby impacting national economic security and sovereignty. The significant foreign exchange outflow in the form of freight payments to international carriers was also implicitly cited as an economic concern.

Building a robust India-owned merchant fleet, as advocated by Sanyal, is presented as a multi-faceted solution designed to enhance the nation's economic self-reliance. This strategic move aims to reduce the outflow of foreign exchange currently paid as freight charges to international shipping companies. Furthermore, an indigenous fleet is expected to create substantial employment opportunities within India's maritime sector, encompassing areas such as shipbuilding, port operations, and crew training. Strategically, it would provide India greater control over its vital trade routes, ensuring uninterrupted supply lines for essential goods and critical resources, irrespective of external global conditions.

While specific current figures on India's share in global maritime trade carried by its own fleet were not detailed in Sanyal’s public comments, his emphasis on the need for expansion indicates a perceived gap between the nation's economic aspirations and its current shipping capabilities. India possesses a coastline spanning over 7,500 kilometers and is a major participant in international trade, making maritime transport a critical component of its economic growth. The call for an expanded domestic fleet aligns with broader national efforts towards self-reliance, encapsulated in the 'Aatmanirbhar Bharat' initiative, across key economic sectors.

Sanyal’s statements signal a potential strategic pivot in India’s maritime policy, emphasizing the importance of securing its economic lifelines. While specific governmental actions or new policy proposals directly in response to these warnings have not yet been formally announced, high-level advisories often precede policy discussions and potential initiatives aimed at strengthening domestic capabilities in critical sectors. The renewed focus on maritime self-reliance underscores a long-term vision for enhancing India's resilience, economic independence, and influence in global trade.