India’s strategic move to bolster its maritime infrastructure through a significant US$3 billion maritime development fund underscores its intent to enhance its shipping, economic and geopolitical stature on the global stage.
This initiative, announced by India’s Finance Minister Nirmala Sitharaman, aims to strengthen the nation’s shipbuilding and repair industry, with India ambitiously striving to rank among the top shipbuilding nations by 2030 and the top five by 2047.
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