India To Set Up $3-Bln Maritime Development Fund For Shipping Industry

By Nidhi Verma

NEW DELHI, Feb 1 (Reuters) – India will set up a 250-billion-rupee ($2.9-billion) maritime development fund for the long-term financing of the country’s shipbuilding and repair industry, Finance Minister Nirmala Sitharaman said on Saturday.

The South Asian nation is spending billions of dollars to refurbish infrastructure in an effort to become a world-class manufacturer as Prime Minister Narendra Modi aims for India to be a developed nation by 2047.

The government will contribute 49% of the fund and mobilize the remainder from ports and the private secto…