For the first time, the Union government has allocated a financial outlay of ₹70,000 crore exclusively for the development of India’s maritime sector, Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal announced on Friday.
Speaking at the inauguration of the Maritime Simulation Centre at AMET Institute of Science and Technology-Maersk Centre of Excellence in Chennai, established in collaboration with A.P. Moller-Maersk, Denmark, the Minister said the Cabinet had recently cleared three strategies to transform shipbuilding, ship recycling, and to create a globally competitive maritime ecosystem.
A Maritime Development Fund with a ₹25,000-crore corpus has also been set up to meet the financing needs of the Indian maritime industry. In addition, the government has approved a revamped Ship Building Financial Assistance Scheme to address cost disadvantages in domestic ship construction, including a credit note incentive for shipbreaking in Indian yards.
Highlighting the role of AMET University, Mr. Sonowal said the institution has produced over 18,000 seafarers in the last 32 years, contributing 5.54% to India’s seafarer base globally. “The Maritime Simulation Centre inaugurated today is a landmark outcome of NEP 2020’s vision for international industry and research collaboration,” he added.
Shyam Jagannathan, Director-General of Shipping, noted that India currently contributes over 12% of the global seafarer pool. “We aim to raise this share to 20% and above by 2030,” he said.
The event also saw participation from J. Ramachandran, founder and chancellor of AMET University; Nynne Norman Scheuer, Senior Director, Head of Marine People and Culture, A.P. Moller-Maersk; and Karan Kochhar, Director, Head of Marine People Asia, Maersk Fleet Management and Technology.