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International Cooperation Department
Tel.: (+86-21) 65853850-8034
Fax: (+86-21) 65373125
E-mail: ICDept@sisi-smu.org
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International Shipping |
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| India earmarks US$3 billion for maritime development |
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Date:2025-02-13 Readers:
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INDIA is to set up a INR250 billion (US$3 billion) maritime development fund for shipping industry, Reuters reports.
The fund is for the long-term financing of the country's shipbuilding and repair industry, said Finance Minister Nirmala Sitharaman.
New Delhi is spending billions of dollars to refurbish infrastructure in an effort to become a world-class manufacturer as Prime Minister Narendra Modi plans India to become a fully developed nation by 2047.
The government will contribute 49 per cent of the fund and mobilise the remainder from ports and the private sector, Ms Sitharaman in presenting budget proposals for the fiscal year from April 1.
India's shipping fleet has not kept pace with its surge in trade, including imports of energy and exports of refined oil products.
The government plans to set up a new shipping company with participation from oil refiners and Shipping Corp of India to expand its fleet to reduce payments to foreign carriers.
https://www.shippingazette.com/news?news_id=9250200000341
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