New Delhi [India], February 3 (ANI): The Union Government on Tuesday moved a step closer to building an integrated, domestically anchored container ecosystem, as a Memorandum of Understanding (MoU) was signed to establish the Bharat Container Shipping Line (BCSL).

The MoU signing was held in the presence of Union Minister of Ports, Shipping and Waterways (MoPSW), Sarbananda Sonowal and Union Minister for Railways, Information and Broadcasting, and Electronics and Information Technology, Ashwini Vaishnaw, signalling a coordinated push across shipping, ports and rail-linked logistics. The Union Minister of State for MoPSW, Shantanu Thakur, also attended the ceremony.

According to a release, the BCSL MoU was signed among the Shipping Corporation of India (SCI), Container Corporation of India (CONCOR), Jawaharlal Nehru Port Authority, V.O. Chidambaranar Port Authority (VOCPA), Chennai Port Authority, and Sagarmala Finance Corporation Limited (SMFCL), under the aegis of the Ministry of Ports, Shipping and Waterways (MoPSW). This MoU aligns with the spirit of the Container Manufacturing Assistance Scheme (CMAS) announced in the Union Budget 2026-27.

Alongside the BCSL MoU, a separate tripartite MoU was signed for financing the Outer Harbour Project at V.O. Chidambaranar Port Authority (VOCPA), Tuticorin, between VOCPA, Indian Railway Finance Corporation Limited (IRFC) and SMFCL.

The agreement provides for joint funding of up to Rs 15,000 crore for eligible projects to expand port capacity under the Sagarmala Programme and the PM Gati Shakti National Master Plan. The financing framework focuses on debt funding for breakwater construction and allied onshore-offshore facilities, primarily through a Hybrid Annuity Model (HAM).

Sonowal stated that these initiatives, including BCSL and the Outer Harbour financing, are strategic steps towards building national shipping capability in the container segment, enhancing port infrastructure, and aligning with the vision of Atmanirbhar Bharat and Maritime Amrit Kaal 2047.

'These MoUs mark the translation of our dynamic Prime Minister Narendra Modi ji's Atmanirbhar Bharat vision into concrete maritime capability. The Bharat Container Shipping Line, aligned with the Container Manufacturing Assistance Scheme (CMAS) announced in Budget 2026-27, will anchor India's container trade in Indian hands, while the Outer Harbour financing strengthens our port backbone,' he said.

'It is likely play a multiplier role to enhance our strategic and commercial presence in global maritime trade. Together, they advance the journey towards a Viksit Bharat--with resilient supply chains, stronger multimodal connectivity and a decisive Indian presence in global maritime trade under Maritime Amrit Kaal 2047,' he added.

Vaishnaw said it is a proud moment to see a long-pending vision becoming a reality.

'Under the guidance of Prime Minister Narendra Modi ji, we are ensuring that there are no delays in approvals and that projects move ahead with speed and efficiency. This initiative will be highly beneficial. With the new shipping and container line being developed in partnership with CONCOR, we can build a robust, world-class container ecosystem across India with investments of about Rs 15,000 crore. Following our initiatives in shipbuilding, financial assistance, ship recycling, and broader maritime development, the launch of this container line is a strong next step.'

Speaking on the occasion, Shantanu Thakur said both MoUs demonstrate the remarkable foresight of PM Modi, whose leadership continues to drive India's maritime resurgence, making the country a global force not just on land, but also on the seas.

'I congratulate all the partners involved and wish them great success in realising this collective vision,' he said.

India, currently the world's fourth-largest economy, is projected to reach a GDP of about USD 7.3 trillion by 2030, a trajectory expected to significantly increase export-import volumes and containerised cargo traffic. It is believed that the absence of a strong Indian container carrier has historically exposed exporters and importers to volatile freight rates and global supply shocks. (ANI)