Industrials

<p style="text-align: justify;">In the budget presentation by the Hon. Finance Minister, around a hundred connectivity projects have been mentioned to be taken up this year with an outlay of Rs 75000 Crore. This is a significant move enabling the sustained growth of our economy. &nbsp;</p><p style="text-align: justify;">&nbsp;</p><h2 style="text-align: justify;"><span style="font-size: 14pt;">Current Scenario of the Maritime Sector</span></h2><p style="text-align: justify;">Currently, in India, there are 217 major and non-major ports. Twelve major ports are under the Ministry of Port Shipping and Waterways's administrative control, while the remaining non-major ports are under the State Maritime boards. &nbsp;</p><p style="text-align: justify;">Our nine coastal states and union territories directly control the non-major ports. Out of the non-major ports, only 66 ports are functioning. These 66 non-major ports and 12 major ports contribute as our ocean gateways for our EXIM business. While our total port capacity is 2500 MMTPA, our through put is around 1200-1300 MMTPA. &nbsp;</p><p style="text-align: justify;">Among various factors that contribute to the overall efficiency of our ports, the most important factor is road and rail connectivity, enabling faster agglomeration and evacuation of Cargo. &nbsp;</p><p style="text-align: justify;">As stated above, the budget announcement of 75000 Crore for nearly 100 connectivity projects is significant. It opens up a pandora's box of opportunities in the Maritime sector.&nbsp;</p><p style="text-align: justify;">&nbsp;</p><p style="text-align: justify;">&nbsp;</p><p style="text-align: justify;">&nbsp;</p><p style="text-align: justify;"><span style="font-size: 10pt;"><em>This article was contributed by our expert <a href="https://www.linkedin.com/in/rajesh-menon-8458906/">Rajesh Menon</a></em></span><br />&nbsp;</p><p style="text-align: justify;">&nbsp;</p><h3 style="text-align: justify;"><span style="font-size: 18pt;">Frequently Asked Questions Answered by Rajesh Menon</span></h3><p>&nbsp;</p><h2 style="text-align: justify;"><span style="font-size: 12pt;">1. What are the key highlights of the recent financial budget of India?</span></h2><p style="text-align: justify;">Regarding the maritime sector, the budget addresses the key issues on Port connectivity and earmarks 75000 crores for the same. Similarly, the focus is also given to coastal shipping.</p><p style="text-align: justify;">&nbsp;</p><h2 style="text-align: justify;"><span style="font-size: 12pt;">2. How will the budget impact the common man in India?</span></h2><p style="text-align: justify;">From the maritime perspective, governments focusing on green shipping and creating a blue economy will result in our abiding by the mandates of a sustainable economy, eventually benefiting the common man.</p><p style="text-align: justify;">&nbsp;</p><h2 style="text-align: justify;"><span style="font-size: 12pt;">3. How will the budget impact the MSME sector?</span></h2><p style="text-align: justify;">The port connectivity projects will result in the development of road and rail projects near ports where the MSME sector, which forms the supply base for the main contractor, will get opportunities.&nbsp;</p><p style="text-align: justify;">&nbsp;</p><h2 style="text-align: justify;"><span style="font-size: 12pt;">4. What are the provisions in the budget for infrastructure development?</span></h2><p style="text-align: justify;">The focus on projects related to road, rail, power, telecom, and airport sectors, in particular, will create a strong backbone for our growing economy.</p><p style="text-align: justify;">&nbsp;</p><p style="text-align: justify;">&nbsp;</p><p style="text-align: justify;">&nbsp;</p><p style="text-align: justify;">&nbsp;</p>