Prime Minister Narendra Modi's cabinet approved a massive Rs 69,725 crore investment to boost India's shipbuilding industry. The government expects this funding to create 30 lakh new jobs across the maritime sector. Officials predict the package will generate approximately Rs 4.5 lakh crore in private investments. The plan targets building 4.5 million Gross Tonnage of new shipbuilding capacity nationwide. A four-pillar strategy will guide the development process.
The Maritime Development Fund receives Rs 25,000 crore to finance long-term projects. The Shipbuilding Financial Assistance Scheme gets extended until March 2036 with Rs 24,736 crore allocated. Another Rs 19,989 crore goes toward the Shipbuilding Development Scheme for expanding domestic capacity. The cabinet established a National Shipbuilding Mission to oversee all programs. India's maritime industry currently handles 95 percent of national trade by volume and 70 percent by value.
The Maritime Development Fund receives Rs 25,000 crore to finance long-term projects. The Shipbuilding Financial Assistance Scheme gets extended until March 2036 with Rs 24,736 crore allocated. Another Rs 19,989 crore goes toward the Shipbuilding Development Scheme for expanding domestic capacity. The cabinet established a National Shipbuilding Mission to oversee all programs. India's maritime industry currently handles 95 percent of national trade by volume and 70 percent by value.
