India sets up ₹25,000 crore maritime development fund: Details here
India is setting up a ₹25,000 crore Maritime Development Fund (MDF) to upgrade its shipping game.
The government will put in 49%, while the rest comes from ports, global investors like sovereign wealth and pension funds, private equity, and banks.
The big idea is to modernize ports, expand the shipping fleet, and boost India's role in global trade.
MDF aims to support maritime projects
MDF aims to support maritime projects and raise Indian-flagged ships' share of world cargo.
There's also support for greener shipyards with an extra ₹18,090 crore set aside for shipbuilding upgrades—and a push for more investment through partnerships with countries like Norway and Australia.
India hopes to draw in a total of ₹75,000 crore
With a planned interest subsidy of ₹5,000 crore to encourage shipbuilding and recycling, India hopes to draw in a total of ₹75,000 crore for maritime growth by 2030.
If all goes well, this could mean more jobs on land and sea—and a bigger spot for India on the world's shipping map.