The policy leverages the broader ‘Blue Economy’ to provide financial, regulatory, technical, and marketing support to startups by partnering with incubators and accelerators at various institutes.
Through this policy, MoPSW wants to enable startups to grow and prosper through innovations.
The Ministry of Ports, Shipping and Waterways (MoPSW) released the draft for ‘Sagarmala Innovation and Start-up Policy’ to encourage startups and other entities in developing India’s maritime sector.
According to an official statement, the ‘Sagarmala Innovation and Start-up Policy’ draft proposes a digital portal-based selection of startups and agencies ensuring a transparent process, as per an Economic Times report.
The framework established in this policy document aims to facilitate the collaborative efforts of stakeholders, innovators, and startups in shaping the future of India’s maritime sector.
The document leverages the broader ‘Blue Economy’ to provide financial, regulatory, technical, and marketing support to startups by partnering with incubators and accelerators at various institutes.
Additionally, it emphasises the creation of a centralised repository of relevant information to assist emerging entrepreneurs.
The policy draft proposes launchpads at ports for trials, pilot projects, working space and product adoption.
In the last five to six years, there has been a surge in startups in various industries, particularly in road transportation-logistics, agriculture, fashion, medical, and e-commerce, powered by digital and app-based technologies as aggregation platforms.
However, the maritime sector has not seen the same level of startup growth, despite the presence of incubators throughout India, both privately and under schemes such as Atal Incubation Centres.
Ports, Shipping and Waterways Minister Sarbananda Sonowal said, “The startup India policy is the brainchild of PM Narendra Modi and this is the right step taken by MoPSW to create a strong ecosystem for fostering startups and innovation in the nation.”
He added, “this will surely promote innovation and entrepreneurship. Through this policy, MoPSW wants to enable startups to grow and prosper through innovations,” reports ET.
Led by the MoPSW, the Sagarmala programme seeks to enhance port-led development in India by leveraging the country’s expansive 7,500 km coastline, 14,500 km of potentially navigable waterways, and strategic location along key global maritime trade routes.
It aims to reduce logistics costs for both exports and domestic trade through minimal infrastructure investment — achieved through port modernisation, port-led industrialisation, improving seamless port connectivity, and fostering the development of coastal communities.