Seven major ports worth ₹2,000 crore will see their operations privatised in the year 2021-2022, Finance Minister Nirmala Sitharaman said.
The Finance Minister also announced a subsidy scheme of ₹1,624 crore for a period of five years for Indian shipping companies to encourage more merchant ships with Indian flags. “This initiative will enable greater training and employment opportunities for Indian seafarers,” Ms. Sitharaman added.
The Budget also envisages boosting the recycling of ships at Alang in Gujarat. The Minister said the capacity of recycling shipyards would be doubled from 4.5 million light displacement tonne by 2024.
India has enacted Recycling of Ships Act, 2019 and acceded to the Hong Kong International Convention.
Sitharaman said post-enactment of the law, around 90 ship recycling yards at Alang in Gujarat have already achieved HKC-compliant certificates.
Ports, Shipping and Waterways Minister Mansukh Mandaviya has recently said that India aspires to grab at least 50 per cent of the global ship recycling business.
The country's share in the ship recycling business is around 30% at present.
You have reached your limit for free articles this month.
Subscription Benefits Include
Today's Paper
Find mobile-friendly version of articles from the day's newspaper in one easy-to-read list.
Unlimited Access
Enjoy reading as many articles as you wish without any limitations.
Personalised recommendations
A select list of articles that match your interests and tastes.
Faster pages
Move smoothly between articles as our pages load instantly.
Dashboard
A one-stop-shop for seeing the latest updates, and managing your preferences.
Briefing
We brief you on the latest and most important developments, three times a day.
Support Quality Journalism.
*Our Digital Subscription plans do not currently include the e-paper, crossword and print.
A letter from the Editor
Dear subscriber,
Thank you!
Your support for our journalism is invaluable. It’s a support for truth and fairness in journalism. It has helped us keep apace with events and happenings.
The Hindu has always stood for journalism that is in the public interest. At this difficult time, it becomes even more important that we have access to information that has a bearing on our health and well-being, our lives, and livelihoods. As a subscriber, you are not only a beneficiary of our work but also its enabler.
We also reiterate here the promise that our team of reporters, copy editors, fact-checkers, designers, and photographers will deliver quality journalism that stays away from vested interest and political propaganda.
Suresh Nambath
