Maritime Development ₹30,000 crore Fund to support shipbuilding and repair clusters

 

  • Maritime Development  ₹30,000 crore  Fund to support shipbuilding and repair clusters
  • The government will soon set up a ₹30,000 crore Maritime Development Fund to support shipbuilding and repair clusters, according to union ports, shipping and waterways minister Sarbananda Sonowal.
  • Indian companies paid freight costs of $85 billion in the financial year 2019/20, of which $75 billion was paid for use of foreign vessels, the source added.

  • The turn to foreign carriers comes as India's shipping fleet has not kept pace with its surge in trade, including imports of energy and exports of refined oil products.

  • India has a fleet of about 1,500 large vessels including tankers, gas carriers, container ships and dry bulk carriers

  • India, which has a huge export-import trade, is a country of charterers and not shipowners thereby resulting in a substantial spend of around USD 75 billion annually for chartering foreign flag vessels for India’s international trade  

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