New Delhi [India], February 26 (ANI): Union Minister of Ports, Shipping and Waterways, Sarbananda Sonowal will chair a high-level industry consultation in Mumbai on Thursday. The event will bring together industry leaders, government officials, and stakeholders to discuss key maritime sector announcements from Union Budget 2025 and their impact on India's maritime growth, said an official statement from the Ministry of Ports, Shipping and Waterways.

Senior officials of the Ministry of Ports, Shipping, and Waterways (MoPSW), including the Secretary (MoPSW), port authorities, all subordinate organisations, Consulate Generals of major maritime nations, maritime associations, and major maritime industry stalwarts will participate in discussions on modernising maritime infrastructure, improving operational efficiency, and promoting sustainability in the sector, as per the ministry.

Establishment of the Rs 25,000 crore Maritime Development Fund (MDF): This fund aims to support long-term investments in the sector, with the government contributing 49 per cent and the remaining 51 per cent mobilised from ports and private sector investments.

Introduction of the Revamped Shipbuilding Financial Assistance Policy (SBFAP 2.0): With an outlay of Rs18,090 crore, this policy will strengthen domestic shipyards and enhance their global competitiveness.

Large ships are classified as infrastructure assets to facilitate long-term, low-cost financing.

Global Maritime India Summit and Sagarmanthan: The Great Oceans Dialogue: The Union Minister will announce the dates for these significant events aimed at strengthening India's global maritime leadership.

Major maritime initiatives: The Union Minister will also announce initiatives aimed at further strengthening India's position as a global maritime leader.

The event will feature focused discussions on shipbuilding and shipbreaking policies: Key Union Budget announcements on shipbuilding, including financial assistance policies led by industry leaders and government representatives.

Financial and policy support for shipbuilding clusters, shipbreaking regulations, and capital assistance for infrastructure development. Future strategies for shipbuilding, incentives for industry growth, and expansion of shipbreaking operations.

The event will see participation from leading organisations, including: All major Industry Associations like FICCI, CII, ASSOCHAM, PHCCI, FIEO, etc. All major Maritime related Associations like INSA, ICCSA, MASSA, CSLA, CFSAI, Shipyards Association of India, etc.

All major, international and national, shipping lines, Port & Terminal Operators, Shipyards, Freight forwarders, Stevedores, Cruise & Ferry operators, etc. Major PSUs associated with ports and shipbuilding like those of Defence, MoPNG, Domestic and Foreign Banks, Financial Institutions and Funds. (ANI)