The Maritime India Vision is a 10-year blueprint with the aim of overhauling the Indian maritime sector. The Maritime India Vision 2030 was launched by Prime Minister Narendra Modi at the Maritime India Summit in November 2020.
Recently, a Direct Port Entry (DPE) facility of V O Chidambaranar Port Trust (VOCPT) has been inaugurated by the Union Minister of State for Shipping. This project will make Indian ports, world-class ports aligning with the ‘Maritime Vision 2030’ of the Ministry of Shipping. It will also help in increasing the Ease of Doing Business for the exporters as it is cost-effective.
This article will give further details about the Maritime India Vision 2030 within the context of the IAS Exam.
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Overview of Maritime India Vision 2030
Upon the completion of the project, authorities speculated that it will boost the shipbuilding industry in India as well as encouraging cruise tourism.
The Maritime India Vision 2030 is the latest venture of the Sagarmala programme which outlines a series of policy initiatives and development projects.
The development project will see an investment of Rs. 3.4 Lakh Crore to increase cargo volumes to the tune of 2600 million tonnes. This will lead to the creation of additional jobs (direct or indirect) and create more sources of revenue of about 20,000 core for state-owned major ports
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To oversee the funding of the Maritime India Vision 2030 a dedicated Maritime Development Fund (MDF) will be created. Initial seed funding of about 25,000 cores will be made for the MDF.
The Maritime Development Fund will be crucial in arranging for low-cost long-tenure financing to the sector with the Centre contributing Rs 2500 core over seven years. This scheme will promote shipping tonnage to boost the maritime industry in India
The regulatory authority to be set up as per the Indian Ports Act will provide oversight across major and non-major ports, enhance institutional coverage and ensure structured growth of the ports sector to boost investor confidence.
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Additional Projects under Maritime India Vision 2030
- The Maritime India Vision 2030 will create the Waterways Connectivity Transport Grid, a project that will develop connectivity with Bangladesh, Nepal, Bhutan and Myanmar.
- Additionally, a Riverine Development Find (RDF) will extend low-cost funding to finance inland vessels and for extending the coverage of the tonnage tax scheme to inland vessels.
- The Port Charges will be rationalised to make them more competitive along with scrapping of hidden charges levied by ship liners, thereby bringing in more transparency and accountability
- For decongestion of urban areas, and developing waterways as an alternative means of urban transport.
Maritime India Vision 2030 – UPSC Notes:- Download PDF Here
Additional Questions regarding Maritime India Vision 2030
What is the objective of Maritime India Vision 2030?
The government will build three mega major ports each with a capacity of over 300 million tonnes of cargo, raise the level of Indian cargo trans-shipped within the country to over 75 per cent from 25 percent.
What will be the additional task of the regulatory body?
The additional task of the proposed regulatory body will be the development of new ports, regulating scheduled ports, act on complaints and resolve disputes between major and non-major ports, anti-competition.
What is the significance of the Maritime India Vision 2030?
The project will enable direct movement of containers from factories without any intermediaries, which will help in increasing Ease of Doing Business for the exporters and improve the competitiveness of shippers in international trade.
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