The Union Minister of Ports, Shipping & Waterways, Shri Sarbananda Sonowal welcomed the Union Budget, 2024 laid before the Parliament today.

Calling the Union Budget, 2024 as ‘visionary document’, Shri Sarbananda Sonowal said, “The Union Budget, 2024 lays the roadmap for renewed and holistic growth towards Viksit Bharat. This visionary budget is aimed at empowering the ‘Garib’ (poor), ‘Mahilayen’ (women), ‘Yuva’ (youth) and ‘Annadata’ (farmers) so that the process of development reaches every citizen of the country. The uniquely crafted four themes along with nine priorities of this budget will benefit all sections of the society. I extend my gratitude to the Honourable Prime Minister of India, Shri Narendra Modi ji as well as to the Honourable Finance Minister Shri Nirmala Sitharaman ji for presenting this visionary document - placing a huge emphasis on employment, skill development, MSMEs, Agriculture & investment led economic development & inclusive growth.”

 

On the Ports, Shipping & Waterways, Shri Sonowal said, “The budget will significantly enhance India’ s shipping, cruise, shipbuilding and ship repair industry, leading to huge job creation, boost to exports and contributing handsomely to the economic growth of the country. Under the visionary leadership of PM Shri Narendra Modi ji, we are moving full steam ahead to elevate India’s stature as a global maritime powerhouse. The Budget 2024-25 aims to position India as a global leader in maritime innovation, sustainability and economic growth. Shipping reforms are expected to generate significant employment opportunities and strengthen India’s maritime capabilities. Ownership, leasing and flagging reforms will be implemented to improve the share of the Indian shipping industry and generate more employment. GST to be simplified and standardised to improve export competitiveness and reduce total logistics cost-lower production costs and enhance the competitiveness of India’s shipbuilding and repair industry.

 

Shri Sonowal further added, “The cumulative effect of these changes proposed in the Budget along with other initiatives of our ministry. Under the MAKV 2047 targets, our ministry will work to propel India from currently rank 18 in global ship tonnage to top 5 by 2047 thereby creating jobs for Indian seafarers. Similarly, the aim is to push India from Rank 22 in shipbuilding to top 5 by 2047, which will attract foreign capital in shipyards and offer various jobs in manufacturing sector. Shipbuilding is a mother industry in heavy engineering with a high multiplier for downstream and MSME sectors. Hence, the current budget proposals on skilling and support to MSMEs will be beneficial to develop the entire ecosystem for shipbuilding and repair. The aim is to make India an attractive cruise tourism destination, to attract global tourists via cruise shipping to India and to popularise cruise shipping with Indian tourists. Our ministry sets a transformative path for India's maritime sector. With strategic reforms, innovative policies, and a strong focus on sustainability, the ministry aims to enhance infrastructure, boost employment, and position India as a global leader in maritime innovation.”

 

Speaking on the provisions for Northeast in the Union Budget, Shri Sarbananda Sonowal said, “Under the visionary leadership of Prime Minister Shri Narendra Modi ji, the Northeast India is cruising ahead realising its potential as the Astalakshmi for the new age economic growth of the country. With more than 100 branches of India Post Payment Bank across the region, the inclusive banking is set to reach the last mile of the region, bringing every person of the region within the ambit of financial inclusion, ensuring they receive the government benefits directly to their banks. The unique Pradhan Mantri Janjatiya Unnat Gram Abhiyan will be implemented by adopting saturation coverage for tribal families in the tribal majority villages and aspirations districts, ensuring better standard of living and increasing the overall quality of life. More than 63000 villages will benefit from this programme, benefitting more than 5 crore tribal people. This is how this budget is aiming to empower the indigenous sons of the soil and enabling better quality of life. The Union Budget has identified the grave concern of flooding by the Brahmaputra and its tributaries every year and announced provisions for assistance for flood management and related projects in Assam. This gives all of us in Assam a great sense of relief as we hope that this grievous problem of flooding can be managed to mitigate loss of life and property of the people. I extend my heartfelt gratitude to the PM Modi ji for this step that has remained a wish and demand of the people of Assam.”

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MJPS/AK

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