The union minister of ports, shipping and waterways has announced that the government will soon set up a maritime development fund worth Rs 300 billion to support shipbuilding and repair clusters.
This fund will supplement the Rs 1.5 trillion upgrade plan for the ports sector for the next five years, which includes development of six deep draft ports, two transshipment hubs, and green and smart ports.
The fund will also aid in the establishment of hydrogen hub ports and a multi-fuel bunkering ecosystem, enhancing India’s capability to meet the evolving needs of the maritime industry. India plans to become a world leader in ship recycling by 2030.