The Indian Prime Minister’s Office has approved a comprehensive strategy to enhance the country’s maritime sector, allocating Rs 25,000 crore from the Maritime Development Fund (MDF) for port development.
Sagarmala Development Company Ltd (SDCL) will spearhead the expansion of port capacities and is set to become a Non-Banking Financial Company (NBFC) by 2025 to better channel investments. The funds will support infrastructure upgrades, including new terminals, dredging, and improved access for freight transport.