India Pledges Huge Funding for Ports
A reshuffle in the Indian budget has seen the country’s government allocate US$117 million to the port sector and for its National Waterways project, heralding movement in a key sector regarding the growth of the Indian economy.
Indian Finance Minister Arun Jaitley said in his fiscal budget speech: "In 2015, India's major ports have handled the highest ever quality of cargo. We have also added the highest ever capacity in major ports. We have started a series of measures for modernizing the ports and increasing their efficiency.
“The Sagarmala project has already been rolled out [and] we are planning to develop new greenfield ports both in the eastern and western coasts of the country.
“The work on the National Waterways is also being expedited. Rs800 ($117m) crore has been provided for these initiatives.”
The fiscal budget has seen the Indian government pile funding into infrastructure, as the country looks to improve the movement of trade in its jurisdiction; internal automotive networks have also been targeted in the budget, as have railways.
India remains one of the potential economic successes of the 21st century, however with a contemporary flat global economy and a recently rampant China, the country is yet to hit the economic heights once predicted.