India commits $20 bn for maritime infrastructure development, says Sarbananda Sonowal
multimodal logistics
,
port connectivity
and trade facilitation, Union Minister Sarbananda Sonowal said on Thursday.
Speaking at the Nor-Shipping conference in Oslo, Sonowal highlighted India's growing maritime capabilities, including favourable policy induced investment environment, proven shipbuilding strength, and innovative financing plans to accelerate sectoral growth.
According to an official statement, the Ports, Shipping and Waterways Minister also called for greater partnerships for
seafarer recruitment
.
Sonowal also highlighted strengthening of maritime connectivity and supply chains with strategic corridors like
India - Middle East - Europe Economic Corridor
(IMEEC), the
Eastern Maritime Corridor
(EMC), and the
International North - South Transport Corridor
(INSTC).
"India has committed USD 20 billion for infrastructure development focused on enhancing multimodal logistics, port connectivity, and trade facilitation.
Live Events
"Through policy incentives, ease of doing business, and infrastructure enhancement, we are laying the foundation for India to emerge as one of the top five shipbuilding nations by 2047," Sonowal added.
Emphasising the need for a green and sustainable maritime future, he said India is establishing three
Green Hydrogen Hub Ports
-- Kandla, Tuticorin, and Paradip -- to support the manufacturing of green hydrogen and its derivatives and to pioneer the use of alternative fuels in the maritime domain.
Sonowal is on a five-day official trip to Norway and Denmark.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hans India
15 minutes ago
- Hans India
PM unveils next-gen GST reform draft
New Delhi: Prime Minister Narendra Modi announced on Sunday that the Central government has drafted a proposal for the next-generation Goods and Services Tax (GST) reforms and has sent it to the states. He sought the cooperation of state governments to implement the proposal before Diwali this year. Speaking after inaugurating two new expressways in Delhi, Modi emphasised that these reforms would benefit not only the poor and middle class but also both small and large businesses. Modi explained that the proposed changes in the GST law aim to simplify the system and adjust tax rates, which will benefit a wide range of people and businesses. 'This is a major step toward making GST more accessible, especially for businesses and consumers,' he said. The Central government intends to introduce a simplified GST structure and will consider revising tax slabs to reduce the burden on various segments of society. In his Independence Day speech on August 15, the PM had already announced plans for these changes, describing them as a step toward promoting good governance. 'For us, reforms mean moving forward with good governance,' he had said earlier. The Prime Minister reiterated that the government would focus on continuous reforms to make life easier for people and businesses alike. He added, 'In the coming months, we are going to implement several major reforms, and this Diwali, people will get a double bonus from GST reforms.' The draft proposal for GST reforms has already been sent to the states, with the Central government hoping for their swift cooperation. Modi urged the states to complete the process promptly so that the changes could be implemented in time for the Diwali festival. The primary objectives of these reforms are to simplify the GST process and adjust tax rates to benefit a larger section of the population. New GST slabs The Union government has proposed a revised GST system that would streamline the existing tax structure into only two main tax slabs—5% and 18%. The proposal suggests eliminating the current 12% and 28% tax slabs. Additionally, a special 40% tax slab has been proposed for luxury and harmful goods. The new system aims to reduce tax complexity and ensure more efficient compliance.
Indian Express
15 minutes ago
- Indian Express
Today in Politics: Lok Sabha set to discuss Shubhanshu Shukla's space sojourn
The Lok Sabha will hold a special discussion on Monday on the subject 'India's first astronaut aboard the International Space Station – Critical role of the space programme for Viksit Bharat by 2047 – to mark astronaut Shubhanshu Shukla's return to India. Shukla returned to India early Sunday to a rousing welcome by a large number of people waving the tricolour and beating drums at the airport here to celebrate his historic visit to the International Space Station (ISS). The Monsoon Session of Parliament will resume on Monday, 18 August after a brief break, but there are no signs of a thaw between the government and the Opposition over the demand for a debate on Special Intensive Revision (SIR) of electoral rolls. The Monsoon Session ends on 21 August. Shukla is expected to meet Prime Minister Narendra Modi on Monday and travel to his hometown, Lucknow. He is also expected to return to the capital to participate in the National Space Day celebrations on August 22-23. Shukla, who became the second Indian to undertake a spaceflight as part of the Axiom-4 mission, and his back-up astronaut-designate Prashanth Balakrishnan Nair were welcomed at the airport by Union Minister Jitendra Singh, Delhi Chief Minister Rekha Gupta, and ISRO Chairman V Narayanan. Chinese Foreign Minister Wang Yi will meet Prime Minister Narendra Modi during his two-day visit to India beginning Monday, according to the Ministry of External Affairs (MEA). The meeting, to be held on Tuesday, assumes significance as it is taking place days before Modi's planned trip to China to attend the annual summit of the Shanghai Cooperation Organisation (SCO). Before calling on the PM, Wang will hold separate talks with External Affairs Minister S Jaishankar and National Security Advisor Ajit Doval that could see both sides deliberate on a range of key issues including border situation, trade and resumption of flight services. The Chinese foreign minister's visit is largely seen as part of ongoing efforts by the two neighbours to rebuild their relationship after it came under severe strain following the deadly Galwan Valley clashes in 2020. The two sides are expected to discuss new confidence-building measures for durable peace and tranquillity along their contested border during Wang's visit, people familiar with the matter said on Sunday. The Supreme Court is scheduled to hear on Monday a batch of pleas challenging the appointment of Jharkhand DGP Anurag Gupta on grounds that due process was not followed. A bench of Chief Justice BR Gavai and Justices K Vinod Chandran and NV Anjaria is scheduled to hear the petitions challenging Gupta's appointment. Several petitions have been filed, including by Leader of Opposition in Jharkhand Assembly Babulal Marandi, who has challenged the appointment of Gupta as Director General of Police (DGP) of the state. Gupta was set to retire on April 30 under the Central government's rules on reaching the age of 60 but the state government wrote to the Centre for extension of his tenure.
News18
24 minutes ago
- News18
Nifty To Open Higher Today As GIFT Nifty Jumps Over 265 Points: Know Key Cues For August 18
Last Updated: The GIFT Nifty trades higher by 266 points or 1.07% at 24,921, indicating big gap-up opening in the domestic markets on August 18. The domestic equity markets are poised for a positive start on Monday, with benchmark indices likely to open on a gap-up note tracking firm domestic signals and steady global trends. The GIFT Nifty was trading higher by 266 points or 1.07% at 24,921, indicating early strength in trade. On Thursday, the NSE Nifty 50 closed with a marginal gain of 12 points, or 0.05 per cent, at 24,631, while the BSE Sensex advanced 58 points, or 0.07 per cent, to finish at 80,598. The domestic equity market is expected to see renewed optimism in the week ahead, buoyed by Prime Minister Narendra Modi's announcement of 'big bang" GST reforms by Diwali, the recent S&P sovereign rating upgrade, and easing global concerns, according to analysts. Trends in global equities and foreign investor activity will also guide sentiment. Asian Markets Shares across the Asia-Pacific region traded mixed as investors assessed the outcome of the US-Russia summit, which ended without a ceasefire. Japan's Nikkei 225 climbed 0.62 per cent, while the Topix index was up 0.42 per cent. South Korea's Kospi slipped 1.06 per cent and the Kosdaq shed 1.44 per cent. Futures linked to Hong Kong's Hang Seng index were at 25,214, suggesting a firm opening. US stock futures edged higher after Wall Street logged a winning week, buoyed by expectations of rate cuts from the Federal Reserve. Dow Jones futures were up 0.09 per cent, S&P 500 futures gained 0.11 per cent, and Nasdaq 100 futures advanced 0.18 per cent. India's credit profile received a boost after S&P Global raised the country's long-term sovereign rating to 'BBB' from 'BBB-', with the short-term rating revised to 'A-2' from 'A-3'. This marks the first upgrade since 2007 and reflects confidence in India's robust economic fundamentals and policy management. GST Reforms The Centre has proposed a significant overhaul of the Goods and Services Tax (GST) structure. The plan reportedly includes scrapping the 12 per cent and 28 per cent slabs, with most items likely to be realigned into the 5 per cent and 18 per cent categories. Certain products currently taxed at 28 per cent may be shifted into a new 40 per cent slab. Policymakers expect the changes to spur economic activity. Crude Oil Softens Crude oil prices were trading softer. WTI crude slipped 0.26 per cent to USD 62.64 a barrel, while Brent crude fell 0.37 per cent to USD 65.60. US Dollar and Rupee The US Dollar Index (DXY) was trading marginally higher at 97.90 in early deals on Monday. Meanwhile, the Indian currency depreciated 0.10 per cent to close at Rs 87.55 against the dollar on 14 August. FPI & DII Flows Provisional NSE data showed that foreign institutional investors (FIIs) offloaded shares worth Rs 2,889.54 crore on 14 August, while domestic institutional investors (DIIs) bought equities worth Rs 3,700.12 crore. Gold prices remained near record highs. The rate for 24-carat gold stood at Rs 100,390 per 10 grams, while 22-carat gold was priced at Rs 92,024 per 10 grams. The 18-carat segment was quoted at Rs 75,293. Prices have gained about 2 per cent in the past month. Hariprasad K, founder of Livelong Wealth, said, 'After a long weekend, Indian equities are set to resume trading on a cautious but optimistic note. The domestic market finally managed to break its six-week losing streak last week. Globally, the market is keeping a close eye on developments around the Trump-Putin dialogue, which has sparked some hope of easing geopolitical stress over Ukraine. While this has created a mildly positive setup, any meaningful upside in Indian markets will require the Nifty to decisively move past the 24,760 level. Until then, gains are expected to remain capped." On the domestic front, the government's proposed GST reforms are expected to lift investor sentiment, particularly across consumption-driven sectors such as FMCG, consumer durables, agriculture, and automobiles. Sectors like banking, telecom, aviation, hotels and capital goods have also benefited from the fact that they remain largely unaffected by tariff pressures. This has kept domestic institutions in a sustained buying mode, even as FIIs continue to sell. Low inflation readings and supportive commentary from the US Federal Reserve further strengthen the macroeconomic backdrop, though export-linked sectors may continue to face headwinds until greater clarity emerges on global tariff issues, he added. Technical Outlook On Nifty top videos View all Technically, the Nifty closed at 24,631.30, with traders expecting a range between 24,530 and 24,760 for Monday's session. On a broader view, the index is seen oscillating between 24,350 and 24,950 until the weekly expiry on the 21st, Hariprasad K said. The key level to monitor remains 24,760, as a breakout above this could trigger stronger upward momentum. Meanwhile, India VIX is holding near 12.3, firmly in the low-volatility zone after a sharp slide from July's high of 19. While this calm phase has helped stability, a breakout above 14 could quickly inject fresh volatility into the market, he added. About the Author Mohammad Haris Haris is Deputy News Editor (Business) at He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris More Click here to add News18 as your preferred news source on Google, Stay updated with all the latest business news, including market trends, stock updates, tax, IPO, banking finance, real estate, savings and investments. Get in-depth analysis, expert opinions, and real-time updates. Also Download the News18 App to stay updated. tags : Nifty stock market view comments Location : New Delhi, India, India First Published: August 18, 2025, 07:37 IST News business » markets Nifty To Open Higher Today As GIFT Nifty Jumps Over 265 Points: Know Key Cues For August 18 Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
