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Date: 22/11/2024

Govt launches Rs 30k cr. Maritime Development Fund

The Central government has launched a Rs 30,000 crore Maritime Development Fund aimed at boosting the shipbuilding sector in India. The fund will support the development of shipbuilding and repair clusters, which are critical for enhancing India’s position in the global maritime industry. This initiative is part of a larger Rs 1.5 lakh crore upgrade plan for the ports sector, focusing on the development of six deep draft ports, two transhipment hubs, as well as the creation of green and smart ports. The government has plans for the establishment of three mega shipbuilding clusters, said a report. 
 
The Maritime Development Fund will also aid in the establishment of hydrogen hub ports and a multi-fuel bunkering ecosystem, enhancing India’s capability to meet the evolving needs of the maritime industry. As part of its long-term vision, India aims to become the global leader in ship recycling by 2030, as per the report.
 
Source: Exim News Service: New Delhi, Nov. 21



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