MARITIME INDIA VISION 2030
- October 19, 2020
- Posted by: OptimizeIAS Team
- Category: DPN Topics
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Subject: Economy
Context : A ten year blueprint for maritime sector is to be released by prime minister.
Concept :
- Setting up a ₹25,000-crore Maritime Development Fund (MDF) and a pan-India port regulatory authority are among the highlights of the Maritime India Vision 2030.
- Maritime India Vision 2030, the latest avatar of the Sagarmala programme, outlines a raft of policy initiatives and development projects involving an investment of ₹3.5 lakh crore to double cargo volumes to 2,600 million tonnes (mt).
- The MDF seeks to provide low cost, long-tenure financing to the sector with the Centre contributing ₹2,500 crore over seven years.
- The regulatory authority will be set up under the new Indian Ports Act (to replace the century-old Indian Ports Act 1908) for enabling oversight across major and non-major ports
- It seeks to enhance institutional coverage for ports and provide for structured growth of the ports sector to boost investor confidence.