In the Union Budget for financial year 2023-24, the Ministry of Ports, Shipping and Waterways (MoPSW) has been allocated a budget estimate of Rs 22.19 billion. This is lower than the budget estimate of Rs 17.09 billion and higher than the revised estimate of Rs 17.93 billion for financial year 2022-23. Of the total allocation, Rs 1.12 billion has been provided for assistance for shipbuilding, and research and development. The Centre has provided a grant of Rs 9.92 billion to the Inland Waters Authority of India, Rs 696.3 million for the development of minor projects and Rs 2.5 billion to the Kolkata Port Trust. Meanwhile, funds worth Rs 4.5 billion have been earmarked for the Sagarmala programme. Moreover, coastal shipping will be promoted as an energy efficient and lower-cost mode of transport, both for passengers and freight, through the PPP mode with viability gap funding.