New Delhi: Union minister for ports, delivery, and waterways Sarbananda Sonowal underscored the immense funding potential of India’s maritime sector through the Ambassador’s Meet held on 11 August. The occasion attended by worldwide envoys and diplomats, resonated with discussions centered on India’s maritime capabilities and its pivotal position in world commerce and financial development.
Sonowal, in his handle, positioned particular emphasis on capitalizing on the funding alternatives obtainable in India’s maritime trade, highlighting the permission for 100% Overseas Direct Funding (FDI) by way of automated route, notably for tasks linked to development and maintenance of ports and harbors. This coverage, he famous, not solely showcases India’s openness to overseas investments but additionally strengthens its standing as a beautiful vacation spot for maritime infrastructure ventures.
The minister additionally underlined the instrumental position of Public-Non-public Partnerships (PPP) in shaping the sector’s trajectory. He disclosed that PPP terminals are at the moment managing practically half of the cargo circulation at main ports, demonstrating the effectiveness of this collaborative method in enhancing effectivity and capability.
The occasion was organised forward of the World Maritime India Summit 2023, scheduled to be held in Delhi throughout 17-19 October.
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Up to date: 12 Aug 2023, 05:10 PM IST
Supply: Live Mint