Union ports, shipping and waterways minister Sarbananda Sonowal has expressed confidence that various initiatives like the establishment of a Rs 25,000 crore Maritime Development Fund, will provide a strong financial foundation to accelerate infrastructure development and private sector participation in the sector.
While interacting with media after a post-budget stakeholder interaction workshop in Mumbai, Sonowal said, “Extension of customs duty exemption for import of raw materials and components for shipbuilding will reduce costs, making shipbuilding more competitive on the global stage.
Also, expansion of the tonnage tax regime to inland vessels will incentivise investment in inland water transport, making it a cost-effective mode of freight movement.”
“Recognition of ships as infrastructure will unlock avenues for investment, improve financing options, and create an enabling ecosystem for shipbuilding. Development of shipbuilding clusters will act as economic multipliers, fostering industrial growth, creating jobs, and reducing our reliance on imports,” he said.