India will be among top five in shipping industry in 25 years: Union Minister Sonowal

Sonowal, who is Minister of Ports, Shipping & Waterways, said India will be one of the top five countries in the shipping industry in the next 25 years.

"In the budget, various steps have been taken to boost the shipping and cruise industry. It is clear that in the next 25 years, India will be in top five countries in the shipping industry. Today, the Finance Minister has announced taking a reformative initiative on issues like ownership and financing of the shipping industry, through which the work related to ship repairing and shipbuilding will get a huge boost and lakhs of people will get employment opportunities," he said.

He said the budget will help in the process of 'Viksit Bharat'.

"Through this our small industries will also get a boost. In terms of ease of doing business, our entrepreneurs will have a great opportunity. The Finance Minister has mentioned a simpler tax regime which will help our coastal cruise and ocean cruise sectors," he said.

In her budget speech, Finance Minister Nirmala Sitharaman said that ownership, leasing and flagging reforms will be implemented to improve the share of the Indian shipping industry and generate more employment.

She said there is tremendous potential for cruise tourism in India. "To give a fillip to this employment generating industry, I am proposing a simpler tax regime for foreign shipping companies operating domestic cruises in the country,"Sitharaman said.

Identifying nine priorities for generating opportunities, Sitharaman emphasised productivity and resilience in agriculture, employment and skilling, and manufacturing and services.

Reflecting on the interim Budget presented in February, Sitharaman reiterated the government's focus on the poor, women, youth, and farmers.

The budget also allocates Rs 1.48 lakh crore for education, employment, and skills, and outlines a strategy for achieving self-reliance in pulses and oilseeds.