Sops announced for shipping industry

Chennai: Finance Minister Nirmala Sitharaman today said seven port projects worth more than Rs 2,000 crore to be offered by major ports in PPP Mode, in financial year 2021-2022.

She said the government will move to a model where private partner will manage operations of ports.

“Scheme for promoting flagging of merchant ships in India to be launched, by providing subsidy support to Indian shipping companies in global tenders floated by Ministries and CPSEs Rs 1,624 crore over 5 years for this”, she added.

She further said ship recycling capacities of around 4.5 million Light Displacement Tonnage to be doubled by 2024, expected to generate around 1.5 lakh jobs for our youth.


NT Bureau