India Announces A Whopping $2.9 Billion Investment To Boost Maritime Sector

India has announced plans to enhance its maritime sector, focusing on shipbuilding, repair, and overall industry modernisation. Finance Minister Nirmala Sitharaman detailed these initiatives during the budget presentation.

A 250-billion rupee ($2.9 billion) Maritime Development Fund will be established to provide long-term, low-cost financial assistance to the shipbuilding and repair industry.

The government will contribute 49% of the fund, with the remaining funds sourced from major port authorities, other government entities, central public sector enterprises, financial institutions, and the private sector.

The MDF aims to boost the Indian-flagged fleet’s share in global cargo volume to 20% by 2047.

The government plans to develop new shipbuilding clusters, each with a capacity of 1.0 to 1.2 million gross tonnage. These clusters will receive support for infrastructure breakwater construction, capital dredging, and utilities.

A 10-year rent holiday for land will be provided if not offered at a nominal rate. The initiative aims to attract private in…

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