India has announced the creation of a 250-billion-rupee ($2.9 billion) maritime development fund aimed at long-term financing for the country’s shipbuilding and repair industry.
Presented by Finance Minister Nirmala Sitharaman in Parliament as part of the budget for the fiscal year starting 1 April, the fund is part of a broader effort to modernize India’s maritime infrastructure.
As reported, the government will contribute 49%, with the remaining amount to be mobilized from ports and the private sector. The government’s commitment to upgrading maritime infrastructure is one of many measures in its broader strategy to boost the economy and competitiveness of the nation.
Furthermore, this initiative is in line with the government’s goal of transforming the country into an international manufacturing hub, as Prime Minister Narendra Modi works towards making India a developed nation by 2047.
To remind, lately India has been on a spree of investments on maritime related projects. The Odisha Government has been planning an investment for a ship recycling hub near Paradip Port, India, aiming to create a major centre for shipbuilding and repair.
In addition, India’s Union Minister of Ports, Shipping & Waterways, Shri Sarbananda Sonowal announced the launch of projects in order to expand capacity at the Jawaharlal Nehru Port and Kandla Port.
India also signed a Memorandum of Understanding (MoU) with Sailors‘ Society aimed at strengthening welfare services for the maritime sector in India.
