In the Union Budget 2025-26, a Maritime Development Fund of Rs. _____ crore over 10 years has been announced.
Show answer & explanation
Correct answer: B
Explanation
The Union Budget 2025-26 announced a ₹25,000 crore Maritime Development Fund (MDF) for 10 years.
Key information about this fund:
Objective: The primary objective of this fund is to modernize India's maritime sector and promote the shipbuilding industry.
Government Share: The central government will contribute 49% of this ₹25,000 crore fund, while the remaining 51% will be raised from major port authorities and the private sector.
Term: The budget also extended the exemption from basic customs duty on raw materials and ship parts for 10 years to ensure effective use of this fund.
Goal: To make India among the top 10 shipbuilding nations in the world by 2030 and among the top 5 by 2047.