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What is the unique maritime cluster coming up at GIFT City in Gujarat?

Topics Covered: Infrastructure.

What is the unique maritime cluster coming up at GIFT City in Gujarat?


Context:

Gujarat Maritime Board (GMB) has been trying to develop such a maritime cluster at GIFT City in the state capital Gandhinagar through its subsidiary Gujarat Ports Infrastructure and Development Company Ltd (GPIDCL).

What is a maritime cluster?

It is an agglomeration of firms, institutions, and businesses in the maritime sector that are geographically located close to each other.

  • This concept is new to India, but these clusters have been driving some of the most competitive ports of the world like Rotterdam, Singapore, Hong Kong, Oslo, Shanghai, and London.

Unique institutions at the Gujarat Maritime Cluster:

  • Gujarat Maritime University will be set up.
  • Within this, an Alternate Dispute Resolution (ADR) Centre will be set up.
  • This centre will provide an option to Indian players seeking to avoid availing the services of international alternate dispute resolution hubs which entail huge costs, time, and travel.
  • The cluster is also expected to house the office of the Director General of Shipping.

Need for a maritime cluster:

To bring back businesses that have migrated over the years to foreign locations due to the absence of the right ecosystem in the country.

  • Gujarat has a lot of ports and handles 40 per cent of the country’s cargo, but we have not targeted the entire value-chain.

InstaLinks:

Prelims Link:

  1. What is a maritime Cluster?
  2. What is International Financial Service Centre?
  3. Can they be set up in SEZs?
  4. India’s first IFSC.
  5. Services they provide?
  6. Limitations.

Mains Link:

Discuss the significance of international financial services centres.

Sources: Indian Express.