Complementing reforms, the government announced an $8 billion ( ₹69,725 crore) package plus $2.2 billion in domestically funded fleet expansion. The package provides a $2.5 billion Maritime Development Fund (equity for eligible projects), $2.3 billion in shipbuilding financial assistance, and a $2.3 billion shipbuilding development scheme. A new non-bank lender–Sagarmala Finance Corp.–will finance port expansion and newbuilds through debt and project finance. In parallel, India is advancing IMEC, the Eastern Maritime Corridor (EMC) and the Northern Sea Route (NSR), and acquiring select overseas port operating rights. With a major push towards enabling PPPs in ports for enhancing port capacity and efficiency, robust financing for major maritime initiatives and playing a bigger global maritime role, the nation is poised for a great maritime voyage ahead.
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