Union Minister for Shipping Sarbananda Sonowal on Monday (September 29) said that the India aims to be among the top 10 maritime nations by 2030 and top 5
by 2047. In an exclusive conversation with ET NOW, the Union Minister said that the Ministry has got tremendous attention under the leadership of Prime Minister Narendra Modi. "India has become a favourable destination for investment and other related activities in shipping and also in the maritime sector. The recent announcements have been articulated into action. The Cabinet has approved all the important pillars for the speedy growth of the industry," he said. Speaking about the Maritime India Vision 2030 and Maritime Amrit Kaal Vision 2047, he said, "We have set out target very clear that by 2030, India will be among top 5 shipbuilding nations in the world. By 2047, we will become one of top five shipbuilding nations in the world." He said that the government's Rs 70,000 crore package will revitalise shipbuilding and reduce dependence on foreign ships. "This is a part of the government's plan to regain the country's maritime power," he said. "Under the Maritime Development Fund, approved with Maritime Investment Fund of Rs 20,000 crore, infrastructure for maritime industry would be developed". Last week, the Modi Cabinet approved a Rs 69,725 crore package to revitalise India’s shipbuilding and reduce dependence on foreign ships as part of the government's plan to regain the country's maritime power. According to an official statement, the package introduces a four-pillar approach designed to strengthen domestic capacity, improve long-term financing, promote greenfield and brownfield shipyard development, enhance technical capabilities and skilling, and implement legal, taxation, and policy reforms to create a robust maritime infrastructure. Under the package, the Shipbuilding Financial Assistance Scheme (SBFAS) will be extended until March 31, 2036, with a total corpus of Rs 24,736 crore. The scheme aims to incentivise shipbuilding in India and includes a Shipbreaking Credit Note with an allocation of Rs 4,001 crore. A National Shipbuilding Mission will also be established to oversee the implementation of all initiatives. VIDEO
