YEARS
See Pg. 5
Vol. LX No. 187 th TUESDAY 20 OCTOBER 2020
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Prime Minister to release Maritime India Vision 2030 next month NEW DELHI: Setting up a Rs 25,000 crore Maritime Development Fund (MDF) and a pan India port regulatory authority are among the highlights of the Maritime India Vision 2030, a ten-year blue-print for the Country’s maritime sector, to be released by Prime Minister Narendra Modi at the Maritime India Summit slated for November. Maritime India Vision 2030, the latest avatar of the ‘Sagarmala’ program, outlines a raft of policy initiatives and development projects involving an investment of Rs 3.5 lakh crores to double cargo volumes to 2,600 million tonnes (mt), which will help create over 2 million additional jobs (direct and indirect) and unlock additional annual revenue of about
Rs20,000 crore for state-owned major ports. The MDF seeks to provide low cost, long tenure financing to the sector with the Central government chipping in with a Rs 2,500 crore support to the fund over 7 years, according to the Vision document. This is part of a plan to promote shipping tonnage (capacity) under the Indian flag. The planned Indian Port Regulatory Authority will be set up under the new Indian Ports Act (to be enacted by re-writing the more than a century-old Indian Ports Act 1908) for enabling oversight across major and non-major ports, enhance institutional coverage for ports and provide for structured growth of the ports sector to boost investor confidence. Cont’d. Pg. 15
Amid surging use of Digital Solutions, TradeLens gets boost as major carriers nalize data integration COPENHAGEN: Global container carriers CMA CGM and MSC Mediterranean Shipping Company (MSC) have announced they are now i n t e g r a t e d o n t o Tr a d e L e n s ( w w w. t r a d e l e n s . c o m ) , helping ensure a more fully integrated, timely and consistent view of logistics data for their containerized freight around the world. TradeLens was jointly developed by IBM and A.P. Moller Maersk. Together with Maersk, CMA and MSC will act as platform foundation carriers with a role in expanding the ecosystem and platform operations, including playing key roles as validators on the blockchain network. Cont’d. Back Pg.