Seven projects worth over Rs 2,000 crore will be offered by major ports on public private partnership (PPP) mode in FY22. Major ports will be moving from managing their operational services on their own to a model where a private partner will manage it for them. In a move to promote flagging of merchant ships in India, the Centre has proposed to launch a subsidy support scheme of Rs 1,624 crore in global tenders floated by Ministries and CPSEs over five years to Indian shipping companies. This initiative will enable greater training and employment opportunities for Indian seafarers, besides enhancing Indian companies’ share in global shipping.
During the Union Budget 2021-22 it was proposed to double the ship recycling capacity of around 4.5 million light displacement tonne by 2024. Efforts will be made to bring more ships to India from Europe and Japan, as around 90 ship recycling yards at Alang in Gujarat have already achieved Hong Kong International convention compliant certificates. This is expected to generate additional 1.5 lakh jobs for the youth of the country.