Sitharaman announces Maritime Dev Fund

New Delhi: Finance Minister Nirmala Sitharaman on Saturday said a Maritime Development Fund with a corpus of Rs25,000 crore will be set up for long-term financing for the maritime industry.

Presenting the Budget for 2025-26, Sitharaman said the amount will be used to support and promote competition. This will have up to 49 per cent contribution by the government, while the balance will be mobilised from ports and the private sector.

She also announced continuation of customs duty exemption on inputs and components used for manufacturing of ships for another 10 years. The announcements assume significance as the country is looking to promote domestic ship building to boost international trade.

Sitharaman also said the Shipbuilding Financial Assistance Policy will be revamped to address cost disadvantages.