Union Minister Sarbananda Sonowal holds pre-budget meeting, pledges growth in maritime sector

In preparation for the upcoming budget, Union Minister of Ports, Shipping, and Waterways Sarbananda Sonowal held a productive pre-budget meeting with various stakeholders today in New Delhi. The meeting aimed to facilitate open discussions and gather valuable insights from experts and stakeholders across different sectors.

During the meeting Shri Sarbananda Sonowal highlighted the government's commitment to fostering a collaborative environment, encouraging stakeholders to share their suggestions and ideas for the nation building.  The Ministry of Ports, Shipping, and Waterways is committed to developing sustainable, world-class maritime and inland waterways infrastructure to enhance EXIM trade and support economic growth.

The Ministry of Ports, Shipping, and Waterways is spearheading several strategic initiatives to strengthen India’s maritime sector, focusing on sustainable and world-class infrastructure. Key initiatives include the Sagarmala Programme, with  projects worth ?5100 Cr, and the Shipbuilding Financial Assistance Policy supporting shipyards. The Harit Nauka initiative will promote green fuel transportation in inland waterways, while the Maritime Development Fund (MDF) and Ship Owning and Leasing Entity (SOLE) will support financing to boost ship acquisition and Indian ownership. Major projects such as  Vadhavan Mega Transshipment Port and Galathea Bay Transshipment Port are set to generate significant employment and increase handling capacities. The Cruise India Mission seeks to triple cruise traffic, and Odisha Waterway Development is exploring the feasibility to transport cargo through NW5. Policy reforms in tax and GST, support for shipbuilding, and green initiatives underscore the Ministry’s commitment to economic growth and environmental sustainability, enhancing India’s competitiveness in the maritime sector.

‘The enthusiastic participation and valuable contributions from our stakeholders are truly commendable. This interaction has given the  Ministry of Ports, Shipping, and Waterways with insightful perspectives, that will undoubtedly help in shaping a more inclusive and growth-oriented budget, aligned with Hon’ble Prime Minister’s  ambitious vision of MIV 2030 and Amrit Kaal Vision 2047’, said Union Minister, MoPSW Shri Sarbananda Sonowal

‘The government’s focus is on building a robust maritime ecosystem that supports economic growth and environmental sustainability. With projects like the Vadhavan Mega Transshipment Port and the Cruise India Mission, MoPSW is poised to make India a global maritime hub’, added Shri Sarbananda Sonowal

The discussions centred on identifying growth opportunities, addressing challenges, and exploring innovative solutions to advance the country. This aligns with the MIV 2030 Vision, aiming to make India a $5 trillion economy and Amrit Kaal Vision 2047, which envisions India as a developed nation with a robust economy, vibrant culture, prominent global presence, and a thriving shipping sector.

The meeting witnessed active participation of more than 150 stakeholders (including online as well) from Major Ports, Shipping sector, Inland Waterways Authority of India (IWAI), Directorate General of Shipping (DG Shipping) and representatives from FICCI, CII, National Union of Seafarers of India, Assocham, Shipyard Association of India, Maersk, DP World, JM Baxi, TCI Seaways, MSC etc.  All stakeholders shared their views on crucial issues such as economic growth, infrastructure development etc.

The pre-budget meeting with stakeholders highlights the government's commitment to engaging with diverse groups and ensuring their voices are heard. The feedback and suggestions gathered will be crucial in shaping the upcoming budget, ultimately contributing to the nation's progress and prosperity, as we strive towards achieving our visionary goals.