The Union Budget 2025 , tabled by Union Finance Minister Nirmala Sitharaman on Saturday in Parliament, placed significant emphasis on the country’s shipping and maritime sector. Budget with ETUnion Budget 2025 Live UpdatesIncome Tax Budget 2025 Live UpdatesSensex Today | Stock Market LIVE Updates “The Shipbuilding Financial Assistance Policy will be revamped to address cost disadvantages. This will also include Credit Notes for shipbreaking in Indian yards to promote the circular economy, she said. The policy, which came into effect in 2016, aimed to promote the country’s shipbuilding industry and provide Indian shipyards with a level playing field globally. In her Budget speech, she announced that large ships above a specified size will be included in the infrastructure harmonized master list (HML). Shipbuilding clusters will be facilitated to increase the range, categories and capacity of ships. “This will include additional infrastructure facilities, skilling and technology to develop the entire ecosystem,” she said. For long-term financing for the maritime industry, the government will set up a Maritime Development Fund with a corpus of Rs 25,000 crore, she added. 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This will have up to 49 per cent contribution by the Government, and the balance will be mobilised from ports and the private sector,” said the finance minister. The general sentiment among industry players has been positive. Girish Aggarwal, Managing Director of APM Terminals (Pipavav), which manages container terminals globally, said that the Union Budget 2025-26 shows strong support for India’s ports, shipping, and logistics sectors. “Extending Customs duty exemptions on shipbuilding materials for 10 more years and offering tax benefits to inland vessels will boost local shipbuilding and promote inland water transport. The Rs 25,000 crore Maritime Development Fund is a big step towards providing long-term financial support, fostering healthy competition, and encouraging sustainable growth in the maritime industry. This Budget is a commendable step towards strengthening India’s position in global trade and logistics,” he said. Pushpank Kaushik, CEO & Head of Business Development (Subcontinent, Middle East, and Southeast Asia) at Jassper Shipping , also hailed the Maritime Development Fund and said that it will provide long-term, low-cost financial support to indigenous shipbuilding and blue water infrastructure, with the government contributing up to 49% and the private sector driving the rest. “This initiative will strengthen India’s position as a global maritime hub while advancing sustainability in shipping and logistics. The introduction of Credit Notes for shipbreaking will promote a circular economy, encouraging ship recycling and reducing reliance on imported raw materials and boosting the reuse of valuable materials like steel, aluminium, and copper in the domestic market,” he said. Adding large ships to the Infrastructure Harmonized Master List (HML), he said, will enable better financing and incentives, reducing reliance on international markets and lowering vessel costs for shipping and logistics players in the country. Regarding the creation of specialised shipbuilding clusters with advanced infrastructure and technology, he said they would drive efficiency, lower costs, and foster Atmanirbharta in the sector. Dhruv Taneja, Founder and CEO of Mumbai-based multimodal marketplace MatchLog Solutions, said that while necessary steps have been taken in this Budget toward strengthening India’s logistics and maritime sectors, execution will determine its real impact. “Expanding shipbuilding capacity and setting up a Rs 25,000 crore Maritime Development Fund are important, but without solving inefficiencies in container movement, intermodal logistics, and supply chain integration, infrastructure growth alone won’t drive meaningful progress. Reducing empty miles, improving cargo transitions, and integrating digital freight solutions must be a priority to make these investments effective,” he said.