India is on the cusp of major maritime revolution and requires a vibrant and strong maritime industry for both economic and strategic reasons, Union minister Sarbananda Sonowal said on Friday.Addressing an event organised by industry body FICCI, the minister of ports, shipping and waterways said port development in India is guided by the flagship Sagarmala programme and Maritime India Vision 2030.The goals set to achieve in Maritime India Vision 2030 will help accelerate the growth of the sector and aspire to bring the Indian maritime industry at par with the top global benchmark in the next 10 years, he added.Stressing upon the importance of reducing logistics cost in the country, he noted that the recently passed Inland Vessels Act, 2021 will usher a new era in the inland water transport sector.Sonowal also pointed out that the government is focusing on the domestic shipbuilding and ship repair market.”To encourage domestic shipbuilding, the Shipbuilding Financial Assistance Policy for Indian Shipyards has been approved,” he said. The ministry, Sonowal noted, has achieved significant progress through port-led development, policy initiatives, provision of multi-modal services for logistics movement through inland waterways.Consistent efforts have been put towards development of a robust and sustainable infrastructure for facilitating transformation of the sector into an engine of growth for India.Ministry of Ports, Shipping and Waterways Secretary Sanjeev Ranjan said the government is working towards positioning the Indian maritime sector at par with international standards by attracting domestic as well as international investments.Talking about the recently launched National Monetisation Pipeline, Ranjan said the government’s move to monetise shipping assets worth over Rs 12,000 crore will open new range of opportunities and help in promoting Aatmanirbhar Bharat.

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