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GS-II : Government policies and interventions Government policies and interventions

28 October, 2020
7 Min Read

Maritime Vision 2030

What is it?

It is a ten-year blueprint for the maritime sector which will be released by the Prime Minister of India at the Maritime India Summit in November 2020.
It will supersede the Sagarmala initiative and aims to boost waterways, give a fillip to the shipbuilding industry and encourage cruise tourism in India.

Development Projects under Maritime Vision 2030:

Maritime Development Fund: A Rs. 25,000-crore fund, which will provide low cost, long-tenure financing to the sector with the Centre contributing Rs. 2,500 crore over seven years.
Port Regulatory Authority: A pan-India port authority will be set up under the new Indian Ports Act (to replace the old Indian Ports Act 1908) for enabling oversight across major and non-major ports, enhance institutional coverage for ports and provide for structured growth of the ports sector to boost investor confidence.
Eastern Waterways Connectivity Transport Grid project: It will aim to develop regional connectivity with Bangladesh, Nepal, Bhutan and Myanmar.
Riverine Development Fund: Calls for extending low cost, long-term financing for inland vessels with the support of a Riverine Development Fund (RDF) and for extending the coverage of the tonnage tax scheme (applicable to ocean-going ships and dredgers) to inland vessels also to enhance the availability of such vessels.
Rationalisation of Port Charges: It will make them more competitive, besides doing away with all hidden charges levied by ship liners to bring in more transparency.
Promotion of Water Transport: For decongestion of urban areas, and developing waterways as an alternative means of urban transport.

Significance:

It will reduce logistics cost and increase the velocity of the cargo.
It would enable direct movement of containers from factories, without intermediate handling at any container freight stations (CFSs), on a 24x7 basis.
It will help in increasing Ease of Doing Business for the exporters, as the facility will bring efficiency and reduce dwell time, lower tariff cost and improve the competitiveness of shippers in international trade.

Source: PIB

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