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INDIAN GOVT UNVEILS NEW MARITIME DEVELOPMENT SCHEME.

AsiaPulse News

| January 02, 2006 | COPYRIGHT 2006 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

NEW DELHI, Jan 2 Asia Pulse - The Indian government has finally unfurled its long-awaited National Maritime Development Programme (NMDP).

The scheme aims at focussed and accelerated investment in specific infrastructure, tonnage acquisition and institutionalised capacity-building for various ongoing projects.

Under the programme, the government has fixed an ambitious target of US$150 billion for exports by 2008-09 to double India's share of world exports from 0.8 per cent to 1.5 per cent.

"The Indian maritime sector provides for transportation of export cargo, with ports providing the platform for about 95 per cent of global Indian merchandise trade by volume and 70 per cent by value, and therefore, needs to expand its capacity and modernise its infrastructure," Shipping Minister T R Baalu told reporters.

He made the comments after releasing the NMDP document, which seeks an investment of a whopping Rs 1,003.99 billion ...

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