₹2,395 CRORE REVISED ESTIMATES OF OUTLAY FOR THE MINISTRY OF PORTS, SHIPPING, AND WATERWAYS IN FY24
333% THE RISE IN THE M-CAP OF COCHIN SHIPYARD IN THE BT500 STUDY PERIOD
THE SHIPPING INDUSTRY is on the brink of a transformative era, with major advancements expected as early as next year. This sector, which serves as the backbone of international trade, is set to benefit from the government’s increased investment in port infrastructure.
Enhancing facilities at existing ports and developing new ones will not only improve operational efficiency but also position the country as a key player in the global trade network. These initiatives are anticipated to lead to faster cargo processing, reduced vessel turnaround times, and the ability to handle larger trade volumes.
Over the past few years, the Indian government has shown a marked commitment towards bolstering the shipping industry through increased budgetary allocations, with ₹1,527.55 crore earmarked in 2021-22 for the Ministry of Ports, Shipping, and Waterways. This figure witnessed a steady rise, reaching ₹2,395 crore, as per the Revised Estimates for 2023-24 (see chart ‘Budget Trends’). For 202425, the Budget Estimates stand at ₹2,377.5 crore, lower than the previous year’s revised figures but still reflecting a substantial investment compared to earlier years.
This trend underscores the government’s dedication to strengthening India’s shipping and port sector as part of its larger economic development and trade facilitation goals. The ripple effects also include robust economic growth and the creation of job opportunities, benefitting multiple sectors.
This story is from the December 22, 2024 edition of Business Today India.
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This story is from the December 22, 2024 edition of Business Today India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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