MoPSW allocated Rs 17.09 billion in the Union Budget 2022-23

In the Union Budget 2022-23, the Ministry of Ports, Shipping and Water­ways (MoPSW) (erstwhile Ministry of Shipping) has received an allocation of Rs 17.09 billion (budget estimate). The allocation is lower than the budget estimate of Rs 18 billion and higher than the revised estimate of Rs 15.85 billion for 2021-22. Of the total allocation in 2022-23, Rs 4.12 billion has been allocated for the Sagarmala programme, Rs 0.96 billion for inland water transport and Rs 0.01 billion for the development of ports, among others. The shipping and shipbuilding segment received a total allocation of Rs 1.12 billion. Meanwhile, the government has come out with the Maritime Vision 2030, which envisages aggressive targets to be achieved by the sector by 2030. The government has proposed to expedite the development and privatisation of seven port projects worth more than Rs 20 billion on a public-private partnership (PPP) basis. The budget has proposed a subsidy support scheme worth Rs 16.24 billion for Indian shipping companies under global tenders floated by ministries over five years.