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Cabinet approves incorporation of Sagarmala Development company under Companies Act

Cabinet approves incorporation of Sagarmala Development company under Companies Act
23 July 2016 Current Affairs:

The Cabinet  approved the incorporation of Sagarmala Development Company (SDC)under the companies Act 2013, with an initial authorized share capital of 1 thousand crore rupees and a subscribed share capital of Rs. 90 Crore. and  that it will be under the administrative control of the Shipping ministry.The cabinet said that the implementation of the identified projects will be taken up by the relevant ports, State Governments, Maritime Boards, Central Ministries, mainly through private or the Public Private Partnership mode.The Sagarmala Programme was launched with the approval of the Union Cabineton March 25th 2015, with a view to achieve the broad objective of promoting port-led economic development in India.In order to harness India’s 7,500 km long coastline, 14,500 km of potentiallynavigable waterways, and strategic location on key international maritime trade routes, the Government has embarked on the ambitious Sagarmala Programme which was approved by the Cabinet.Skill development projects taken up’ include coastal district skill gap analysis study/ cutting-edge skill training in the ports and maritime sector, safety training in ship-breaking and repair sector,  as part of Deen Dayl Upadhyaya Grarneen Kaushalya Yojana (DDU-GKY) and marine fishermen skill development projects,” said the official statement.the ministry of Shipping, in collaboration with the Department of Animal Husbandry, Dairying and Fisheries, will part-fund select fishing harbour projects under the Sagarmala Programme.




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