Union Minister Sarbananda Sonowal unveils new Maritime Initiatives to boost India’s Global Trade
GUWAHATI : On February 27, 2025, Union Minister of Ports, Shipping and Waterways Shri Sarbananda Sonowal (MoPSW), launched several initiatives includes One Nation-One Port Process (ONOP), Bharat Global Ports Consortium and MAITRI Application(app), aimed at modernizing India’s maritime infrastructure and enhancing its position in global trade.
On the budgetary announcements for maritime sector, the Union Minister said, “Under the visionary leadership of our Hon’ble Prime Minister Shri Narendra Modi Ji, 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 ₹25,000 crore Maritime Development Fund is a game-changer. It will provide long-term financing, encourage private investment, and modernize our port and shipping infrastructure. 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. To further boost this industry, we have 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 revolutionize logistics, reduce freight costs, and create an eco-friendly alternative to road and rail transport.”
Policy initiatives to unlock maritime potential
Sonowal further said that similar to the maritime development fund, the recognition of large ships as infrastructure announced in the Budget will unlock new avenues for financing, making it easier for businesses to invest in shipbuilding and coastal trade.
Besides, the revamped Shipbuilding Financial Assistance Policy (SBFAP 2.0)—will provide level 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,” Sonowal said,
To further boost this industry, the minister said that the government 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,” Sonowal added.