Sonowal discusses growth opportunities, challenges and innovative solutions with maritime stakeholders

Government committed to developing sustainable, world-class maritime and inland waterways infrastructure to boost EXIM trade and support economic growth: Minister

Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal held a pre-budget meeting with various stakeholders to gather views and suggestions from experts and stakeholders from various sectors. The discussions focused on identifying growth opportunities, addressing challenges and exploring innovative solutions, the minister said after the meeting.

“The government is focused on building a robust maritime ecosystem that supports economic growth and environmental sustainability. With projects like Vadhavan Mega Transshipment Port and Cruise India Mission, the ministry is poised to make India a global maritime hub,” Sonowal said.

The Minister said tax policy reforms and GST, support for shipbuilding industry and green initiatives underline the ministry’s commitment to economic growth and environmental sustainability, enhancing India’s competitiveness in the maritime sector.

“This interaction has given the Ministry of Ports, Shipping and Waterways insightful perspectives that will help in shaping a more inclusive and growth-oriented budget,” the minister said. The government is committed to developing sustainable, world-class maritime and inland waterway infrastructure to boost EXIM trade and support economic growth, he added.

The ministry is spearheading several strategic initiatives to strengthen India’s maritime sector, with a focus on sustainable and world-class infrastructure. These include the Sagarmala Programme, with projects worth Rs 5,100 crore, and the Shipbuilding Financial Assistance Policy to support shipyards. The HaritNauka initiative will promote the transportation of clean fuels through inland waterways, while the Maritime Development Fund (MDF) and Ship Owning and Leasing Entity (SOLE) will provide financing to boost acquisition of ships and Indian ownership.

The meeting was actively attended by over 150 stakeholders (online as well) from major ports, shipping sector, Inland Waterways Authority of India (IWAI), Directorate General of Shipping (DG Shipping) and representatives from FICCI, CII, National Union of Seafarers of India, Assocham, Shipbuilders Association of India, Maersk, DP World, JM Baxi, TCI Seaways, MSC etc.