Tides of Transformation: Sagarmala and the ₹1,000Cr Maritime Fund

The Union Budget 2026–27 has extended strong financial backing to India’s maritime and shipbuilding sector, reinforcing the government’s focus on port-led development and global competitiveness.

The Sagarmala programme, the flagship initiative of the Ministry of Ports, Shipping and Waterways, has been allocated ₹616.88 crore for the financial year. While marginally lower than earlier allocations, the funding will continue to support port modernisation, enhanced connectivity, and industrial development along India’s coastline. Complementing this, the newly approved Maritime Development Fund has received ₹1,000 crore to accelerate growth across the sector by financing shipbuilding, ship repair, and port infrastructure projects.

Additionally, the Budget has earmarked ₹515 crore for the Shipbuilding Financial Assistance Scheme (SBFAS) and the National Shipbuilding Mission, providing targeted support to shipyards for vessel construction and credit assistance for scrapping ageing ships. A further ₹250 crore has been allocated under the Shipbuilding Development Scheme (SbDS) to enable infrastructure development, capacity expansion, and credit risk mitigation.

News by Rahul Yelligetti.