Indian finance minister Arun Jaitley has proposed the development of 16 new port projects in the current 2014/15 fiscal year.
The proposed projects include the implementation of special economic zones (SEZs) which will be developed at Kandla Port and Jawaharlal Nehru Port.
“A policy for encouraging the growth of Indian controlled tonnage will be formulated to ensure an increase in employment of the Indian seafarers; development of ports is critical for boosting trade,” Jaitley told the lower-house of India’s parliament, as he presented the Union Budget.
India Today reported that the finance minister has pledged to allocate US$1.93 billion for the primary stage of an outer-harbour project in Tuticorin.
Additionally, Jaitley proposed an allocation of US$700 million for a project to develop inland waterways which has been titled ‘Jal Marg Vikas’.
The vast allocation to India’s port industry and waterway infrastructure displays the importance of India’s growing economy.