India and US to enhance cooperation in maritime sector

India and the United States have agreed to deepen the scope of cooperation in the maritime sector with the American ports evincing keen interest in comprehensive port-led development, especially the ambitious Sagarmala programme. The 150 projects under this programme have the potential to mobilise $50-60 billion of infrastructure investment and another US$ 100 billion of investment for promoting industrial growth.
The Shipping Minister outlined the regulatory assistance which the Narendra Modi government has offered to the maritime sector, including grant of infrastructure status to shipyards, supportive domestic eligibility criteria for Indian shipyards for assured ship repair orders, service tax exemption on ship repair service for foreign going vessels, setting up of ship repairing business immediately without any approval from director generals.