In order to boost the ‘blue economy’, the Union government has increased the proposed investment in 17 enterprises under the Shipping Ministry to Rs 5,778 crore for 2019-20. The 17 entities include Inland Waterways Authority of India, Shipping Corporation of India, Dredging Corporation of India and Sagarmala Development Company.
The estimated investment in these enterprises, that include the 12 Major Ports, was Rs 5,548.12 crore in 2018-19, according to the revised numbers in the recent Budget document. The government had proposed an investment of Rs 5,079.80 crore in the budget for 2018-19.
Aspiring to be a $10-trillion economy in the next eight years, the plan is to harness India’s long 7,500-km coastline by promoting water transport.
The government said that of the Rs 5,777.79 crore proposed investment, Rs 5,577.79 crore will be met through Internal and Extra Budgetary Resources (IEBR).
In his Interim Budget speech, the Finance Minister, Mr Piyush Goyal, had said that India’s long coastline has the potential of becoming the strength of the economy, particularly through exploitation of the blue economy to ensure better standards and quality of life for people living in coastal areas.
Blue economy refers to sustainable use of marine resources for economic growth, improved livelihoods and jobs while preserving the health of the marine ecosystem.
