Sonowal envisages Budget 2024-25 to significantly enhance India’s shipping, ship repair industry
The Union Minister for Ports, Shipping and Waterways, Mr Sarbananda Sonowal, has said that Budget 2024-25 will significantly enhance India’s shipping, cruise, shipbuilding and ship repair industry, leading to huge job creation, boost to exports, and contributing immensely to the economic growth of the country.
The Minister emphasised in his reaction: “We are moving full steam ahead to elevate India’s stature as a global maritime powerhouse. The Budget 2024-25 aims to position India as a global leader in maritime innovation, sustainability and economic growth. Shipping reforms are expected to generate significant employment opportunities and strengthen India’s maritime capabilities. Ownership, leasing and flagging reforms will be implemented to improve the share of the Indian shipping industry and generate more employment. GST to be simplified and standardised to improve export competitiveness and reduce total logistics cost, lower production costs and enhance the competitiveness of India’s shipbuilding and repair industry.”
He highlighted the cumulative effect of these changes proposed in the Budget along with other initiatives of the Ministry. “Under the MAKV 2047 targets, our Ministry will work to propel India from currently Rank 18 in global ship tonnage to Top 5 by 2047, thereby creating jobs for Indian seafarers. Similarly, the aim is to push India from Rank 22 in shipbuilding to Top 5 by 2047, which will attract foreign capital in shipyards and offer various jobs in manufacturing sector.
“Shipbuilding is a mother industry in heavy engineering with a high multiplier for downstream and MSME sectors. Hence, the current Budget proposals on skilling and support to MSMEs will be beneficial to develop the entire ecosystem for shipbuilding and repair.
“The aim is to make India an attractive cruise tourism destination, to attract global tourists via cruise shipping to India and to popularise cruise shipping with Indian tourists.
“Our Ministry sets a transformative path for India’s maritime sector. With strategic reforms, innovative policies and a strong focus on sustainability, the Ministry aims to enhance infrastructure, boost employment and position India as a global leader in maritime innovation,” he said.
Source: Exim News Service: New Delhi, July 24