FM proposes 7 port projects worth over ₹2,000-cr

Union Finance Minister has announced seven port projects worth over ₹2,000 crore. These will be undertaken through public-private partnership (PPP) model in the upcoming fiscal. Major ports will be moving from managing their operational services on their own to a model where a private partner will manage it for them. Ports, shipping, and waterways will.

A scheme to promote flagging of merchant ships in India will be launched by providing subsidy support of ₹1,624 crore, for over 5 years, to Indian shipping companies in global tenders floated by Ministries and CPSEs. This initiative would enable greater training and employment opportunities for Indian seafarers besides enhancing Indian companies share in global shipping. There is also a plan to double the ship recycling capacity of around 4.5 Million Light Displacement Ton (LDT) by 2024 as efforts will be made to bring more ships to India from Europe and Japan, as around 90 ship recycling yards at Alang in Gujarat have already achieved HKC (Hong Kong International convention) compliant certificates. This is expected to generate additional 1.5 lakh jobs for the youth of the country.