Latest News | Indian Ports' Average Turnaround Time Reduced to Less Than One Day: Sonowal

New Delhi, Jul 24 (PTI) Indian ports' average turnaround time has reduced from four days to less than one day, outperforming many advanced nations, Union Minister Sarbananda Sonowal said on Thursday.

Addressing the 'Maritime Financing Summit 2025', Sonowal said India, as a maritime nation, is undergoing a transformative shift backed by strong policy support and growing investment momentum.

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"Our ports have significantly improved operational efficiency, with the average turnaround time reduced from 4 days to less than 1 day, outperforming many advanced nations," the Ports, Shipping and Waterways minister said.

With 100 per cent FDI permitted in shipping under the automatic route, simplified customs clearance and the strategic advantage of GIFT City IFSC, Sonowal said India now offers one of the most attractive investment ecosystems in the maritime domain.

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"Our goal is clear to make India a global maritime hub not just in trade, but also in finance, shipbuilding and green maritime infrastructure," he said.

According to an official statement, policy measures, like recognising large vessels as infrastructure assets, extending the Shipbuilding Financial Assistance Scheme (SBFAS) to overcome the cost disadvantage and provide a long-term visibility on the financial incentives available in the sector, were discussed at the Summit.

Capital support for greenfield capacity expansion involving the creation of new shipbuilding clusters and brownfield expansion to enhance existing shipyards' capacity through a coordinated approach between the Centre and states is envisioned, it added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)