New Delhi, Aug 27 (KNN) Stressing upon the importance of reducing logistic cost in the country, Union Minister of Ports, Shipping & Waterways, Sarbananda Sonowal on Friday said that the recently passed Inland vessel Act, 2021 will usher a new era & promote Ease of Doing Business.

Sonowal was speaking during a conclave themed ‘Developing Ports for the Future: New India@75’, organized by FICCI, where he mentioned that Port development in India is guided by the flagship Sagarmala program and the Maritime India Vision 2030.

He further said that India is on the cusp of major maritime revolution and requires a vibrant and strong maritime industry for both economic and strategic reasons.

“The goals set to achieve in the ‘Maritime India Vision 2030’ will help accelerate the growth of the sector and aspire to bring the Indian maritime industry at par with the top global benchmark in the next 10 years,” he added.

Sonowal also stated that the government is also focusing on the domestic shipbuilding and ship repair market.

“To encourage domestic shipbuilding, the Shipbuilding Financial Assistance Policy for Indian Shipyards has been approved,” he added.

The Ministry, he noted, has achieved significant progress through port-led development, policy initiatives, provision of multi-modal services for logistic movement through inland waterways, ease of doing business, improving ship building and recycling techniques and measures to facilitate flagging of vessels in India.

Consistent efforts have been put towards development of a robust and sustainable infrastructure for facilitating transformation of the sector into an engine of growth for India, Sonowal said.

Dr Sanjeev Ranjan, Secretary, Ministry of Ports, Shipping and Waterways while elaborating on the Maritime India Vision 2030, highlighted that the government is working towards positioning the Indian maritime sector at par with international standards by attracting domestic as well as international investments.

Talking about the recently launched National Monetization Pipeline, Dr Ranjan added that the government’s move to monetize shipping assets worth approximately Rs 12,000 crore through National Monetization Plan will open a new range of opportunities and will help in promoting Atmanirbhar Bharat.

The program was attended by Chairmen of major ports and stalwarts from industry including DP World, Adani Ports, Essar Ports, JSW Group, JM BAXI, Indian National Shipowners’ Association, CISCO, APM Terminals Pipavav, Association of Multimodal Transport Operators of India, CJ Darcl Logistics Ltd, Damen Shipyards Gorinchem B.V., Larsen & Toubro Limited, Steel Authority of India, Indian Oil Corporation Ltd, TCI Seaways, Petronet LNG Limited, Aegis Logistics Ltd, amongst others.