India’s Visionary Budget Will Empower Maritime Growth and Job Creation: Sonowal

Union Minister for Ports, Shipping and Waterways Shri Sarbananda Sonowal expressed his appreciation for the Budget, describing it as a visionary document that focuses on the development of marginalized populations and provides a roadmap for holistic growth. He specifically acknowledged Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman for their efforts in presenting this budget, which emphasizes employment, skill development, MSMEs, agriculture, and investment-led economic growth. The budget also aims to enhance India’s shipping industry by implementing ownership, leasing, and flagging reforms to boost employment opportunities in the sector.

Shri Sonowal highlighted the four themes and nine priorities identified in the Budget, stating that they will be well-received by all sections of society. He emphasized that the budget will play a key role in improving India’s shipping, cruise, shipbuilding, and ship repair industry, leading to increased job opportunities and exports. Under Prime Minister Narendra Modi’s leadership, India is moving towards establishing itself as a global maritime powerhouse, with a focus on expanding the national fleet and reducing dependence on foreign ships for cargo transportation.

Finance Minister Nirmala Sitharaman elaborated on the government’s plans to seek legislative approval for efficient financing models for leasing aircraft and ships, including a proposed Maritime Development Fund (MDF) to support a Ship Owning and Leasing Entity (SOLE). This initiative, suggested by the Ministry of Ports, Shipping, and Waterways, aims to create special purpose vehicles with state-owned firms to purchase and operate ships jointly, with funding from a combination of government, financial institutions, private investors, and international organizations.

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