INDIA BUDGET India to set up $3-bln maritime development fund for shipping industry

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INDIA BUDGET India to set up $3-bln maritime development fund for shipping industry

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INDIA BUDGET India to set up $3-bln maritime development fund for shipping industry

_{//business-finance.news-articles.net/content/202 .. time-development-fund-for-shipping-industry.html}
^{Published in Business and Finance on Saturday, February 1st 2025 at 4:40 GMT by Reuters}

India will set up a 250-billion-rupee ($2.9-billion) maritime development fund for the long-term financing of the country's shipbuilding and repair industry, Finance Minister Nirmala Sitharaman said on Saturday.

India's Finance Minister Nirmala Sitharaman announced in the 2025 budget that the government will establish a Rs 15,000 crore ($1.8 billion) Maritime Development Fund aimed at boosting the shipping industry. This fund will provide long-term, low-cost financing to the sector, which has been facing challenges due to high capital costs and limited access to affordable financing. The initiative is part of a broader strategy to enhance India's maritime capabilities, promote economic growth, and support the 'Make in India' campaign by encouraging domestic shipbuilding and repair. Additionally, the budget includes measures to develop coastal shipping as an energy-efficient and lower-cost mode of transport, alongside plans to upgrade port infrastructure and connectivity.

Read the Full Reuters Article at:
[ https://www.reuters.com/world/india/india-budget-india-set-up-3-bln-maritime-development-fund-shipping-industry-2025-02-01/ ]

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