(MENAFN- KNN India) New Delhi, Jul 25 (KNN) Indian ports have achieved substantial improvements in operational performance, with ship turnaround times decreasing from four days to less than one day, surpassing efficiency levels of several developed nations.

Union Minister of Ports, Shipping and Waterways Sarbananda Sonowal announced these developments during the Maritime Financing Summit 2025.

The maritime infrastructure has experienced considerable expansion, with container capacity at major ports increasing by more than 70 percent.

Cargo volumes transported through coastal and inland waterways have also demonstrated significant growth during this period.

Sonowal emphasised India's enhanced investment attractiveness in the maritime sector, citing the allowance of 100 percent foreign direct investment in shipping through automatic approval routes.

The simplified customs clearance processes and strategic advantages offered by GIFT City International Financial Services Centre contribute to creating a competitive investment environment.

The minister outlined the government's objective to establish India as a comprehensive global maritime hub encompassing trade, finance, shipbuilding, and environmentally sustainable maritime infrastructure.

Minister of State Shantanu Thakur highlighted the critical importance of establishing robust financial foundations to support India's maritime expansion goals.

He emphasised the government's commitment to implementing supportive policies, business-oriented reforms, and international partnerships to foster growth in the Indian shipping sector.

Thakur described the nation's coastline as a strategic gateway for economic opportunities and expressed confidence in India's potential to achieve global maritime leadership through collaborative efforts.

A significant policy initiative announced at the summit was the proposed Maritime Development Fund, a specialised blended finance mechanism designed to reduce capital costs and encourage long-term investment in shipyards, coastal infrastructure, and inland waterways.

The fund's development involved extensive consultations with more than 100 stakeholders, including international investors, ship operators, insurance providers, and financial institutions.

The summit addressed several transformative policy measures aimed at enhancing India's competitiveness in maritime and shipbuilding sectors.

These include recognising large vessels as infrastructure assets, extending the Shipbuilding Financial Assistance Scheme to address cost disadvantages while providing long-term financial incentive visibility, and facilitating ship leasing operations through GIFT City International Financial Services Centre.

(KNN Bureau)

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