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Increase aid to shipping, urges Indian parliamentary committee
AN Indian parliamentary committee has demanded that the government to substantially increase financial support to the shipping sector, reports the Hindu daily of Chennai.
"In view of potential and capabilities of shipping sector in our economy, the committee has recommended that Ministry of Finance must increase GBS [gross budgetary support] to this Ministry every year substantially," said the according to the report tabled by the Standing Committee on Transport, Tourism and Culture.
The panel demanded increased allocation for the Shipping Ministry for the Sagarmala project. It said while INR10 billion (US$15 million) was required this year, only INR4.5 million had been allocated.
The Sagarmala project is a government initiative to "transform India's ports integrate them into industrial clusters and hinterlands with efficient evacuation systems through road, rail, inland and coastal waterways resulting in ports becoming the drivers of economic activity".
The parliamentary committee said the budgetary allocation for major ports was insufficient in 2016-17 and this would "adversely" affect the modernisation of Tuticorin, Chennai and Mormugao Ports.
The panel called for examining the performance of ports and shipping sectors to find out "the real reasons for decline in the generation of internal resources or revenue.
"In view of potential and capabilities of shipping sector in our economy, the committee has recommended that Ministry of Finance must increase GBS [gross budgetary support] to this Ministry every year substantially," said the according to the report tabled by the Standing Committee on Transport, Tourism and Culture.
The panel demanded increased allocation for the Shipping Ministry for the Sagarmala project. It said while INR10 billion (US$15 million) was required this year, only INR4.5 million had been allocated.
The Sagarmala project is a government initiative to "transform India's ports integrate them into industrial clusters and hinterlands with efficient evacuation systems through road, rail, inland and coastal waterways resulting in ports becoming the drivers of economic activity".
The parliamentary committee said the budgetary allocation for major ports was insufficient in 2016-17 and this would "adversely" affect the modernisation of Tuticorin, Chennai and Mormugao Ports.
The panel called for examining the performance of ports and shipping sectors to find out "the real reasons for decline in the generation of internal resources or revenue.
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