Union Budget Aiming to Elevate India's Shipping and Cruise Tourism Sector

Union Minister Sarbananda Sonowal praises the Union Budget for its initiatives to enhance the shipping and cruise tourism sectors. He anticipates that India will rise to be a top five player in the global shipping industry over the next 25 years, creating numerous job opportunities.

Union Minister Sarbananda Sonowal on Tuesday commended the Union Budget, highlighting its potential to enhance shipping and bolster cruise tourism sectors. Speaking as the Minister of Ports, Shipping & Waterways, Sonowal expressed confidence that India will be among the top five countries in the global shipping industry within the next 25 years.

He noted that the budget introduces various measures aimed at boosting shipping and the cruise industry. Addressing the ownership and financing of the shipping industry will invigorate ship repairing and shipbuilding sectors, ultimately leading to significant employment opportunities, Sonowal affirmed. He underscored the budget's role in fostering 'Viksit Bharat', a developed India.

Sonowal added that the new budget will also benefit small industries and facilitate entrepreneurship through simplified tax regimes, particularly aiding coastal and ocean cruise sectors. Finance Minister Nirmala Sitharaman, in her budget speech, announced reforms in ownership, leasing, and flagging to enhance the Indian shipping industry's competitiveness and job creation.

Sitharaman identified significant potential for cruise tourism in India, proposing a streamlined tax structure for foreign shipping companies operating domestic cruises. She outlined nine priorities focused on productivity, resilience in agriculture, employment, manufacturing, and services—a strategy geared toward economic growth and self-reliance.

The budget also allocates Rs 1.48 lakh crore for education, employment, and skills. Reflecting on the interim Budget, Sitharaman reiterated the government’s dedication to supporting the poor, women, youth, and farmers, and detailed plans for achieving self-reliance in pulses and oilseeds production.