The Shipping industry is a clear indicator of the economic health of the country and long term capacity building plan is crucial to improve the economicThe Budget has bought some cheer to the shipping industry with the Finance Minister Arun Jaitley has proposing the development of 16 new port projects in the current fiscal year.
The finance minister echoed the sentiments of the shipping industry which has been longing for a policy for encouraging the growth of Indian controlled tonnage to be formulated to ensure increase in employment of the Indian seafarers. Development of ports is also critical for boosting trade.
According to the minister, SEZs (special economic zones) will also be developed in Kandla and Jawaharlal Nehru Port Trust at Navi Mumbai. A comprehensive policy will also be announced to promote Indian ship-building industry in the current financial year.
For the development of inland waterways, the minister proposed an allocation of Rs.4,200 crore to be utilised under a new project called Jal Marg Vikas (national waterways-I) on the Ganga river.The project is expected to come up between Allahabad and Haldia to cover a distance of 1,620 km over a period of six years. All these announcements are definitely long needed reforms and will definitely boost the industry sentiments in the coming years.
