Budget will significantly enhance India’s shipping, cruise, shipbuilding, and ship repair industry, creating new job opportunities and boosting exports : Sarbananda Sonowal
NEW DELHI : Union Minister for Ports, Shipping and Waterways Shri Sarbananda Sonowal said the Budget is strongly grounded on the development of Garib, Mahilayen, Yuva and Annadata and provides the roadmap for renewed and holistic growth. In a social media post Shri Sonowal extended his gratitude to Prime Minister Shri Narendra Modi and Finance Minister Smt. Nirmala Sitharaman for presenting this visionary document, which places a huge emphasis on employment, skill development, MSMEs, agriculture and investment-led economic growth.
For Shipping industry developments the Finance Minister stated that, “Ownership, leasing and flagging reforms will be implemented to improve the share of the Indian shipping industry and generate more employments.”
Shri Sonowal said he was certain that the four themes and nine priorities identified in the Budget will be welcomed by all sections of society. He said the Budget will also significantly enhance India’s shipping, cruise, shipbuilding, and ship repair industry, creating new job opportunities and boosting exports. He said under Prime Minister Shri Narendra Modi ji’s visionary leadership, we are moving full steam ahead towards elevating India’s stature as a global maritime powerhouse.
FM added that, as demands grow for expanding the national fleet and cut dependence on foreign ships to haul export-import cargo. The finance minister also said that the government “will seek the required legislative approval for providing an efficient and flexible mode for financing leasing of aircrafts and ships, and pooled funds of private equity through a variable company structure”.
This is in line with the suggestion made by the Ministry of Ports, Shipping and Waterways for creating a Ship Owning and Leasing Entity (SOLE) funded by a proposed Maritime Development Fund (MDF) that will form special purpose vehicles with state-owned firms having cargo interests to buy and run ships jointly.
Apart from government contributions, the planned MDF will also secure equity funding from national and international financial institutions, private investors, multilateral institutions and sovereign funds, per the Ministry suggestion.