Commerce and Industry Minister Piyush Goyal met with Singapore’s Deputy Prime Minister Gan Kim Yong to explore opportunities to strengthen economic ties and enhance India’s shipping sector. Goyal is currently on an official visit to Singapore, engaging with French leaders and businesses to foster trade and investment between nations.
During his three-day trip, Goyal has met with numerous prominent CEOs and officials, including International Energy Agency Executive Director Fatih Birol and Nigeria’s Trade Minister Jumoke Oduwole. He emphasized the significant investment potential in India, particularly as discussions around the shipping sector are vital for improving trade efficiency and reducing transportation costs for businesses.
Indian exporters have recently encountered challenges, particularly during the Red Sea crisis, which saw freight rates spike due to increased charges from foreign shipping lines. The Union Budget has sought to address these issues by proposing the establishment of the Maritime Development Fund (MDF) to support the domestic maritime sector through financial assistance for ship acquisitions.
The MDF aims to increase the share of Indian-flagged vessels in global cargo to 20% by 2047, ultimately enhancing the fleet’s independence from foreign shipping. By 2030, it is projected that the MDF could generate investments of up to Rs 1.5 lakh crore in the shipping industry.
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