Budget 2023 adds on to development of maritime infrastructure

In what the industry leaders said was a ‘landmark’ Budget, the Finance Minister Nirmala Sitharaman announced that in order to promote coastal shipping as a cost saving and energy efficient mode of transportation for both passenger and freight. The sector will look at increased development in the Public Private Partnership (PPP) mode with viable gap funding, which will further give a boost to the freight movement in East as well as West coasts of India.

The FM said that coastal shipping is a win-win situation for India’s logistics and supply chain sector, considering that ports are an eco-friendly as well as cost effective method of shipping.

To set the context, it is important to note that India has a coastline spanning more than 7,000 kilometer, yet each year, we lose business to other South Asian ports like Colombo and Singapore. Keeping this in mind, the government has established a 10 year roadmap for the development of maritime infrastructure – Maritime India Vision 2030 – which will give India a better global supply chain standing.

As the gameplan is implemented over time, it will lead to a reduction in cost, pollution (noise, air) as well as the number of accidents each year. On the other hand, it will require better connectivity to and from the ports which will work to reduce time and cost.

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