India Boosts Maritime Sector: Sitharaman Announces ₹25,000 Crore Development Fund

Finance Minister Nirmala Sitharaman unveiled a ₹25,000 crore Maritime Development Fund in the 2025-26 Budget, aiming to stimulate long-term financing for India's maritime industry. The government will contribute 49% to the fund, with the remainder from ports and private sector. Sarbananda Sonowal, Minister of Ports, Shipping and Waterways, welcomed the initiative, emphasizing its alignment with PM Modi's vision of a Viksit Bharat by 2047. Sonowal announced plans for hydrogen hub ports and new shipbuilding clusters. The budget also extends customs duty exemptions for shipbuilding inputs and revamps the Shipbuilding Financial Assistance Policy, positioning India as a future global maritime hub.

Source: The Economic Times