The Indian government has unveiled an extensive $8 billion (₹69,725 crore) package to complement ongoing maritime reforms, alongside an additional $2.2 billion earmarked for fleet expansion. This initiative includes a $2.5 billion Maritime Development Fund aimed at providing equity for eligible projects, as well as $2.3 billion designated for financial assistance in shipbuilding. Furthermore, a new non-bank lender, Sagarmala Finance Corp., has been established to support port expansion and new ship construction through debt and project financing.
In conjunction with these financial measures, India is actively pursuing the International Maritime Economic Corridor (IMEC), the Eastern Maritime Corridor (EMC), and the Northern Sea Route (NSR). The government is also working to secure rights to operate select overseas ports, thereby enhancing its global maritime footprint.
A significant focus of these reforms is to facilitate public-private partnerships (PPPs) in port operations, aimed at improving capacity and efficiency. With robust financial backing for major maritime initiatives, India is positioning itself to play a more prominent role in the global maritime arena. The nation appears set for a transformative journey in its maritime sector, bolstered by these strategic investments and reforms.
