Mumbai, Feb 27 Union Ports, Shipping and Waterways Minister Sarbananda Sonowal announced on Thursday that the India Maritime Week, a bi-annual global maritime gathering which will be one of the largest in the world, will be held here from October 27-31 to celebrate the country’s 'Maritime Virasat' and 'Maritime Vikas’,
Sonowal said as many as 100,000 delegates from 100 countries are expected to participate in the Maritime Week which will host the 4th edition of the Global Maritime India Summit (GMIS) and the 2nd edition of Sagarmanthan among others.
The Maritime Stakeholders Meet held here on Thursday focused on revitalising India’s shipbuilding sector in light of recent budgetary announcements. Key discussions centred on increased financial assistance for Indian shipyards, the Ship Breaking Credit Note Scheme and its impact, along with capital infusion to develop new shipbuilding clusters, aiming to boost domestic manufacturing and global competitiveness.
The Maritime Development Fund, the inclusion of large ships in the Infrastructure Harmonised Master List (HML), and the role of financial institutions and multilateral agencies in facilitating low-cost term financing were key focus areas. These measures aim to strengthen India's maritime sector by enhancing financial accessibility, boosting shipbuilding, and improving industry competitiveness.
On the budgetary announcements for the maritime sector, the Union Minister said: "Under the visionary leadership of Prime Minister Narendra Modi, India is sailing towards a Viksit Bharat, ensuring that our ports, shipping, and waterways become the backbone of a thriving economy."
The Union Budget 2025 has put the maritime sector at the forefront of India’s growth story. The Rs 25,000 crore Maritime Development Fund is a game-changer. It will provide long-term financing, encourage private investment, and modernise our port and shipping infrastructure, he said.
"The recognition of LARGE ships as infrastructure will unlock new avenues for financing, making it easier for businesses to invest in shipbuilding and coastal trade. And let’s not forget the revamped Shipbuilding Financial Assistance Policy (SBFAP 2.0)—this will level the playing field for our shipyards, helping them compete with global giants. The shipbuilding clusters—a vision we are actively pursuing — will not only make India a hub for ship construction but will also create thousands of jobs, bring in new technologies, and strengthen our global competitiveness."
He highlighted that to further boost this industry, the Budget has extended customs duty exemptions on shipbuilding inputs for another 10 years. In order to propel our rich riverine network, the extension of the tonnage tax regime to inland vessels is a major step in making river transport more attractive and viable for businesses.
“With the collaborative approach, we can revolutionise logistics, reduce freight costs, and create an eco-friendly alternative to road and rail transport,” the minister remarked.
In his concluding remarks, Sonowal said: "India’s Blue Economy is not just about ships and ports - it’s about jobs, trade, sustainability, and economic growth. There is immense potential, and we are committed to ensuring that you have the right policies, the right financing, and the right environment to thrive. We are not just aiming to be a top 10 shipbuilding nation by 2030 - we are aiming to create an ecosystem that is world-class, efficient, and future-ready."
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor