Cabinet Approves Rs.69,725 Crore Package for Shipbuilding and Maritime Sector
The Union Cabinet has approved a comprehensive Rs.69,725 crore package aimed at revitalizing India's shipbuilding and maritime sector. This initiative includes a four-pillar approach to enhance domestic capacity, improve financing, and promote shipyard development. Key components include the extension of the Shipbuilding Financial Assistance Scheme until 2036, the establishment of a Maritime Development Fund, and the Shipbuilding Development Scheme to increase shipbuilding capacity to 4.5 million Gross Tonnage. The package is expected to create 30 lakh jobs and attract Rs.4.5 lakh crore in investments, strengthening India's economic and strategic position in global shipping.
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