Govt actively pursuing shipbuilding cluster
The Rs.25,000 crore Maritime Development Fund is a game-changer in India, as it will provide long-term financing, encourage private investment, and modernize ports as well as shipping infrastructure, said the Minister of Ports, Shipping and Waterways (MoPSW) Sarbananda Sonowal said on 27 Feb.
Sonowal underlined the fund’s high importance at the launch of the ‘One Nation-One Port Process (ONOP)’ an initiative to standardise and streamline operations across India’s major ports. The step aims at removing inconsistencies in documentation and processes that led to inefficiencies, increased costs, and operational delays http://shipmin.gov.in.
Sonowal also launched Sagar Ankalan — the Logistics Port Performance Index (LPPI) for FY 2023-24, as a significant step towards enhancing efficiency and global competitiveness in India’s maritime sector.
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), which will level the playing field for our shipyards, helping them compete with global giants,” he pointed out.
Sonowal also launched Bharat Global Ports Consortium to Strengthen global trade by expanding India’s maritime reach and enhance global trade resilience; and MAITRI logo (Master Application for International Trade and Regulatory Interface) with an aim to streamline trade processes, reduce bureaucratic redundancies and expedite clearances, reinforcing India’s commitment to ease of doing business.
Sonowal said, “The launch of Bharat Ports Global Consortium and MAITRI App marks a transformative step in strengthening India’s maritime and trade ecosystem. These initiatives will sustain the initiatives taken since 2014 to enhance efficiency, streamline trade processes, and bolster global supply chains, reinforcing India’s position as a key player in international logistics.
MAITRI plays a crucial role in operationalising the ‘Virtual Trade Corridor’ (VTC) between India and the UAE. The initiative aligns with the India-Middle East-Europe Economic Corridor (IMEEC) and is expected to expand to BIMSTEC and ASEAN nations, leveraging AI and Blockchain for efficiency and security. By standardising trade documentation and integrating digital solutions, MAITRI will reduce processing time, optimise trade flows, and contribute to sustainable development. MAITRI is set to redefine international trade, positioning India as a leader in global logistics and trade facilitation.
The Minister continued, “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.”
He also launched the National Centre of Excellence in Green Port and Shipping (NCoEGPS) website. It is a significant milestone in advancing sustainability in the maritime sector.
This platform will offer insights and best practices for green port and shipping operations, focusing on carbon footprint reduction, cleaner fuels, and eco-friendly port management to drive a more sustainable future.
Sonowal underscored, “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. Let’s capitalise this opportunity. Let’s build, innovate, and collaborate. Together, we are not just shaping India’s maritime future, we are shaping India’s economic destiny.” Fiinews.com
