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Economy News, Latest Economic News Today | The HinduBusinessLine

GE, HAL clinch tech deal on joint jet engine plan India rejects USTR allegations, seeks termination of Section 301 probe Indian automobile sales record highest-ever sales in FY26, first time after FY19: SIAM Madhya Pradesh CM says basmati rice from the State is exported to 47 nations 63 Moons’ cybersecurity arm pilots GPS-spoofing solution at Indian airports Highways ministry notifies amendment to streamline fee for overloaded vehicles on NHs Global aviation crisis deepens as fuel shortage, Iran conflict hit airlines TRI launches agri-voltaic project to help farmers earn double income Hotel industry to hit $31 billion in 2029; listed hotel firms set to add 70k rooms by 2030: CBRE Temperatures may trend up over North-West, Central India until weekend Reduction in airport tariff credit neutral, minimal impact on revenue: Ind-Ra Global coffee prices rise as fertiliser costs and West Asia tensions threaten supply Bluspring Enterprises to acquire LSG Sky Chefs India, enters aviation catering sector China says policy to improve relations with India remains unchanged amid Arunachal naming row Research firms divided over impact of below normal monsoon on food inflation Unnat Krishi Mahotsav concludes, farmers to emerge as energy, fuel & hydrogen providers, says Gadkari Airlines may get ₹5,000 crore credit support under proposed ECLGS variant How kashmir’s breakthrough is making Gucchi mushroom farming possible Centre not taking away State’s power on bonus for agri produces, says FM Sitharaman Carriers cut flights on cost pressures, uncertain demand GE Aerospace scales AI from pilots to production; India anchors global capability West Asia crisis may push India’s current account deficit to 2% of GDP: Crisil Tax Dept to resume Tiger Global reassessment, says GAAR relief won’t alter SC ruling Ceasefire talks fail to restore vessel movement in Strait of Hormuz, fate of 599 ships remain inconclusive DMRC launches mid-life refurbishment of Blue Line trains to enhance safety and passenger experience Retail inflation likely rose 3.5-4% in March India-UK free trade pact may come into force from second week of May: Official 'West Asia war a good opportunity for energy reforms, lower costs for industry' India’s marine exports surge to ₹62,408 crore in 2024-25, Govt sets ₹1 lakh crore target PM Modi to inaugurate Dehradun-Delhi Expressway on April 14 India’s economic growth journey huge opportunity for international partners: Kwatra From diesel to daylight: How government solar schemes are powering India’s farmers The next energy leap: Replicating ethanol’s success in diesel Delhi EV Policy: Electric 3-Wheelers Only by 2027, 2-Wheelers by 2028 Windfall levy on export bound diesel, ATF raised India-flagged LPG tanker Jag Vikram crosses Strait of Hormuz after US-Iran ceasefire Muted pricing power, rising costs to curb benefits of demand in cement sector: HDFC Securities Central Railway to run four special local trains for Ambedkar Jayanti Cotton Association revises output estimates for 2025-26 up at 324 lakh bales of 170 kg each Agtech marketing in the age of regional content and creator communities Rajnath Singh, Nitin Gadkari to join 3-day agri event at Shivraj’s home turf, inaugurated today How agripreneurship will drive improved rural livelihoods in India World’s largest tur producer, yet an importer: A self-sufficiency puzzle unfolding on ground Ethanol in diesel generators: India’s next practical step towards energy security How sustainable sourcing can unlock value in India’s agri-value chains West Asia Crisis: Induction cooking may consume 13-27 GW power Govt defers power plant maintenance for three months; ready for summer demand Tractor sales cross 10 lakh mark in FY26 on strong rural demand, GST cut India to continue buying Russian crude oil India’s textile and garments exports to the US declined 28.7% in February 2026 Why India’s ₹5 pack won’t disappear, but getting smaller West Asia conflict: LPG usage at 21-month low in March E-way bill generation surged all time high of over 14 crore in March Cotton prices firm up tracking global prices Corn prices poised to fall on Iran-US ceasefire pact Air India at critical stage of transformation: Tata Sons Chairman FYL91 commences new flights to Hyderabad, Rajahmundry and Vijayawada Telangana’s GST revenue up 15% in last 3 months ASMS launches agri-commerce network AYOU in Hyderabad Ladakh turns to apricot blossoms to stretch short tourism season Govt proposes overhaul of company incorporation rules to cut paperwork, enable risk-based checks HAL delivers 4 helicopters to Coast Guard Charter services operators urge review of ATF pricing Structural gaps affect growth of India’s high-value horticulture sector: Report Rubio set to visit India in May to discuss trade, tariffs, defence, Quad DGFT rolls out procedure for allocation of calcined coke Qatar vows to remain reliable energy supplier to India amid West Asia tensions Gadkari bats for 100% land acquisition before approving NH projects India must rethink West Asia energy reliance after biggest shock in decades, says ONGC chief Sumeet SSG partners Pinnacle Industries to strengthen Maharashtra’s EMS fleet Consumer durables growth muted as demand slows, margins shrink: HDFC Securities March 2026 was the fourth-warmest month on record, says European weather agency India relaxes rice exports norms to some European countries Unseasonal rains damage rabi crops on 2.49 lakh ha, wheat most affected: Agri Minister ADB projects 6.9% growth rate for current fiscal, 70 bps lower than FY26 India-UK FTA likely by May 1; 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India poised to fill global seafarer gap as demand for officers rises
T E Raja Simhan · 2026-06-26 · via Economy News, Latest Economic News Today | The HinduBusinessLine
India is well positioned to expand its share of the global maritime workforce as the shipping industry faces a shortage of qualified officers, according to the BIMCO-ICS Seafarer Workforce Report 2026.

India is well positioned to expand its share of the global maritime workforce as the shipping industry faces a shortage of qualified officers, according to the BIMCO-ICS Seafarer Workforce Report 2026.

India has an opportunity to significantly expand its share of the global maritime workforce as the shipping industry faces a growing shortage of qualified officers, according to the Seafarer Workforce Report 2026 released by BIMCO and the International Chamber of Shipping (ICS).

The report forecasts that the global merchant fleet will require an additional 1,13,735 STCW-certified officers by 2030, reflecting rising demand driven by fleet expansion, technological advancements and stricter regulatory requirements.

Global shipping industry faces growing talent gap

The report estimates that 2.57 million seafarers currently serve aboard 85,148 merchant ships worldwide. However, the industry already faces a shortage of 39,100 certified officers in 2026, even as there is a surplus of 56,890 ratings.

To meet projected demand, the global shipping industry will need to recruit an additional 22,747 officers and 8,475 ratings every year until 2030, representing annual growth of 2 per cent and 0.5 per cent, respectively.

India emerges as key supplier of seafarers

India, currently the world’s third-largest supplier of seafarers after the Philippines and China, accounts for nearly 16 per cent of the global maritime workforce. Industry experts believe the country is well placed to capitalise on the emerging demand.

India has the potential to significantly expand its presence in the global maritime workforce—not just in numbers, but in quality, reliability and global trust,” Director General of Shipping Shyam Jagannathan** said.

He said India’s strategy extends beyond increasing training capacity and focuses on improving competency, strengthening training quality, modernising governance, promoting inclusion and adopting digital certification and sustainable practices.

India currently has 176 maritime training institutes, comprising 81 pre-sea institutes for new entrants and 95 post-sea institutes that provide advanced, simulator-based and competency training for serving seafarers, he said.

Training berths remain a key challenge

Malini V. Shankar, Vice-Chancellor of the Indian Maritime University, says Indian seafaring officers are highly respected. The number of institutions offering courses has increased. However, the critical bottleneck is the lack of adequate training berths. Without the requisite ‘sea time’, they cannot find regular jobs, she added.

The BIMCO-ICS report noted that demand for STCW-certified seafarers has increased 35 per cent since the previous survey in 2021. Demand for officers has risen 23.1 per cent, while demand for ratings has increased 46.3 per cent, reflecting the recovery of global shipping after the pandemic and continued fleet growth.

Industry seeks stronger talent pipeline

“The recruitment, training and retention of the seafarer workforce will be crucial to ensuring that our industry is prepared for the future,” said David Loosley, Secretary General and CEO of BIMCO.

ICS Secretary General Thomas A. Kazakos said attracting young people into maritime careers will be critical to building a sustainable talent pipeline for the industry’s long-term needs.

Indian seafarers gain global opportunities

Industry executives say India’s competitiveness has also been strengthened by stable wage levels, favourable exchange rates and growing international acceptance of Indian seafarers. According to Capt. Sanjay Prashar of VR Maritime Services Pvt Ltd, Indian seafarer employment reached 313,429 in 2025 and is expected to exceed 350,000 this year.

He attributed the rising demand for Indian crews to the growing number of certified officers, government support, and supply constraints in several competing labour markets, including China, Turkey, Ukraine, and Russia. He added that Indian officers increasingly occupy positions in global ship management companies, further boosting employment opportunities for Indian seafarers worldwide.

There should be regular interaction with ship owners and seafarers. DG Shipping is participating in global maritime events to understand the global demand. Even in policy making for seafarers at the Indian Maritime Organisation, the Indian delegation is seen leading by presenting papers. These are positive signs for the seafarers, he said.

Published on June 26, 2026