NEW DELHI: Union Minister for Ports Shipping & Waterways Sarbananda Sonowal lauded Union Budget presented on Tuesday. He emphasized its transformative potential for shipping and cruise tourism sectors. He expressed optimism that India could ascend to top five global shipping nations within the next 25 years.
Sonowal highlighted that the budget's provisions include various measures. These measures are designed to uplift the shipping and cruise industries by addressing critical areas, such as ownership and financing. The budget aims to revitalize the ship repairing and shipbuilding sectors. These sectors are expected to generate substantial employment opportunities. Sonowal affirmed that these initiatives are aligned with the vision of a ‘Viksit Bharat’—a developed India.
Additionally, the budget is anticipated to provide significant support to small industries. It will foster entrepreneurship. This is particularly within the coastal and ocean cruise sectors. Finance Minister Nirmala Sitharaman during her budget speech outlined reforms in ownership leasing and flagging. These reforms are intended to boost the competitiveness of the Indian shipping industry. They will also create jobs.
Sitharaman also highlighted India's vast potential for cruise tourism and proposed streamlined tax structure to encourage foreign shipping companies to operate domestic cruises. Her budget priorities focus on nine key areas. These include productivity agricultural resilience. Employment, manufacturing and services are also priorities. This aims for comprehensive economic growth and self-reliance.
Moreover, the budget allocates Rs 1.48 lakh crore towards education. Employment and skill development are emphasized. Reflecting on the interim Budget, Sitharaman reiterated the government’s commitment to supporting vulnerable populations. These include the poor. It also focuses on women. Youth and farmers are also prioritized. She detailed plans to enhance self-reliance in pulses and oilseeds production. This reinforces government’s dedication to self-sufficient economy.
Overall, the Union Budget is poised to drive substantial progress in the shipping. Cruise tourism sectors will also benefit. It bolsters economic resilience and self-reliance across various sectors.
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