Shipping Ministry Reveals Townships, ₹5,000 Cr Make in India Scheme for Inland Vessels

In a bid to revitalize areas surrounding major ports, the Shipping Ministry is crafting a new township policy, sources have told Business Today TV. This policy will enable the development of townships near ports, leveraging the extensive vacant land available. Private players will be invited to bid for developing the real estate, starting with key ports in Mumbai, Kolkata, Chennai, and Vishakapatnam, with plans to include all ports eventually, the sources added. A substantial Rs 5,000-crore package is also being prepared under a new viability gap funding (VGF) scheme. This initiative aims to encourage the construction of inland vessels, with future plans to extend support to the manufacturing of sea-bound vessels, including cruise ships, according to another source, another source said.