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

While presenting Union Budget for the financial year 2020-21, Finance Minister Nirmala Sitharaman has announced seven port projects worth more than ₹ 2,000 crore, which is 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”, FM added.

Finance Minister also announced, “Scheme for promoting 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).” “₹ 1,624 crores for this in over 5 years”, she added.

Sitharaman then announces major job opportunities for youth in the shipping sector, she said, “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.”

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