Union Budget 2021: Big announcements for Shipping Sector; projects worth 2,000 crore announced

Finance Minister Nirmala Sitharaman announced seven port projects worth more than ₹ 2,000 crores, to be offered by major ports in public-private partnerships (PPP) Mode, in the FY 2021-’22.

“The aim is to move for a model where a private partner will manage operations of ports”, she said.

Finance Minister also announced a scheme for promoting the flagging of merchant ships in India to be launched soon by providing subsidy support to Indian shipping companies in global tenders, floated by Ministries and Central Public Sector Enterprises (CPSEs).

The FM then announced major job opportunities for youth in the shipping sector. “Ship Recycling Capacities of around 4.5 million Light Displacement Tonnage to be doubled by 2024, which is expected to generate around 1.5 lakh jobs for our youth”, she said.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More