Sarbananda Sonowal is organizing a pre-Budget meeting with maritime stakeholders

New Delhi, July 1 (IANS): Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal on Monday held a pre-Budget meeting with various stakeholders to gather feedback and suggestions from experts and stakeholders from various sectors.

The discussions focused on identifying development opportunities, facing challenges and searching for innovative solutions, said the minister after the meeting.

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

The Minister noted that tax and GST policy reforms, support to 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 provided the Ministry of Ports, Shipping and Waterways with insightful perspectives that will help shape a more inclusive and growth-oriented budget,” the minister said.

The government is committed to developing sustainable, world-class maritime and inland infrastructure to facilitate EXIM trade and support economic growth, he added.

The Ministry of Ports, Shipping and Waterways is spearheading several strategic initiatives to strengthen the Indian maritime sector with a focus on sustainable and world-class infrastructure.

These include the Sagarmala Scheme, with projects worth Rs 5,100 crore, and the Financial Assistance Policy for Shipbuilding, supporting shipyards.

The Harit Nauka initiative will promote transportation of green fuel through inland waterways, while the Maritime Development Fund (MDF) and Ship Owning and Leasing Entity (SOLE) will provide financing to increase ship acquisition and ownership in India.

The meeting saw active participation of over 150 stakeholders (including online) from major ports, shipping sector, Inland Waterways Authority of India (IWAI), Directorate General of Shipping (DG Shipping) and representatives from FICCI, CII, National Seafarers Association of India, Assocham, Shipyard Association of India, Maersk, DP World, JM Baxi, TCI Seaways, MSC etc.