More Stories

Informist, Tuesday, Jul 23, 2024

AHMEDABAD – The government would implement ownership, leasing and flagging reforms to improve the share of the Indian shipping industry at the global level, and also to generate more employment, according to the Budget for 2024-25 (Apr-Mar) presented by Finance Minister Nirmala Sitharaman in Parliament today.

The shipping industry globally operates on a relatively complex leasing and operating structure. Though a large number of Indians are employed on ships with foreign flags, the country only has a handful of shipping lines operating under its own flag. Many of the biggest Indian corporates, too, generally operate their ships under foreign flags. The proposed reforms could promote the shipping industry in India.

For the mining sector, the Indian government has now proposed setting up a critical mineral mission for domestic production, recycling of critical minerals and overseas acquisition of critical mineral assets, Sitharaman said. The mission would have a mandate to include technology development, a skilled workforce, an extended producer responsibility framework and a suitable financing mechanism.

The budget also announced a cut in customs duty on minerals such as lithium, copper and cobalt, critical for use in nuclear energy, renewables and other sectors. The government today said it will also launch the auction of the first tranche of offshore blocks for mining and building on the exploration already carried out.  End

Reported by Sunil Raghu

Edited by Akul Nishant Akhoury

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2024. All rights reserved.