Krispy Kreme launches Harry Potter ‘Houses of Hogwarts' doughnuts on Aug. 18 – here's where to buy, new flavours, and everything you need to know
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Business Standard
22 minutes ago
- Business Standard
Govt raises Maritime Development Fund to ₹70,000 cr to spur shipbuilding
The Centre is significantly scaling up its proposed Maritime Development Fund (MDF) to ₹70,000 crore, 2.8 times the allocation announced in the February Budget, to boost shipbuilding, ship repair, ancillary industries, expansion of shipping tonnage, and port-linked infrastructure, according to a report by The Economic Times. The revised corpus has reportedly already secured clearance from the expenditure finance committee (EFC), chaired by the finance ministry's expenditure secretary, with Cabinet approval expected shortly. MDF blended finance model The MDF will operate on a blended finance model: 49 per cent concessional capital from the government, including contributions from state-owned major ports, and 51 per cent commercial capital from multilateral and bilateral lenders as well as sovereign funds. When announced in February, Finance Minister Nirmala Sitharaman said the fund would provide long-term, low-cost capital across the maritime value chain. By 2030, it is projected to generate ₹1.3–1.5 trillion in direct and indirect investment and create up to 1.1 million jobs. Massive investment needed by 2047 Government estimates peg India's maritime sector investment requirement between $885 billion and $940 billion by 2047, The Economic Times report said. This includes: $388 billion to expand shipping tonnage $260 billion for green vessels $224 billion for next-generation ports $18 billion to position India as a global shipbuilding and repair hub $8.82 billion to raise coastal and inland shipping's share $1.65 billion to boost cruise tourism India is targeting a top-10 global ranking in shipbuilding by 2030 and a top-five position by 2047, competing with South Korea, Japan, and China — the latter recently completing a $16-billion merger of two state-owned shipyards to cement its lead in global ship construction. Legislative push The monsoon session of Parliament, which concluded on August 12, saw the passage of four major legislations — the Merchant Shipping Bill, Coastal Shipping Bill, Carriage of Goods Bill, and Bills of Lading Bill — alongside the Lok Sabha's clearance of the Indian Ports Bill, replacing the 117-year-old Indian Ports Act, 1908. The EFC has also endorsed a revamped 'Ship Building Financial Assistance' scheme, a credit note mechanism for shipbreaking in Indian yards, the development of shipbuilding clusters, and infrastructure status for large ships, aligning with Budget announcements. Assistance levels are proposed at 15 per cent for standard vessels up to ₹100 crore, 20 per cent for advanced or specialised ships above ₹100 crore, and 25 per cent for green ships. Infrastructure status will apply to vessels costing ₹100 crore and above. Focus on Northeast In July, the government announced ₹5,000 crore in initiatives to strengthen waterways and maritime connectivity in the Northeast. These include ₹1,000 crore in inland waterway projects, with ₹300 crore completed and the rest due by 2025, new cargo terminals, heritage restoration, tourist jetties worth ₹299 crore, and 85 community jetties.
Time of India
an hour ago
- Time of India
Who is Owen Caissie? DH goes hitless in Major League debut for Cubs
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Time of India
4 hours ago
- Time of India
Jamie VandenBerg, crowned Miss Universe Canada; know her mission and brave journey after a near-death attack
(Catch all the US News, UK News, Canada News, International Breaking News Events, and Latest News Updates on The Economic Times.) Download The Economic Times News App to get Daily International News Updates.
