Shipbuilding, maritime sector get ₹70K-cr cabinet nod

 

  • Shipbuilding, maritime sector get ₹70K-cr cabinet nod


  • The Union Cabinet approved a ₹69,725 crore package to revive India's shipbuilding sector, aiming to create 30 lakh jobs 
  • Describing shipbuilding as the “mother of heavy engineering,” the government said the reforms are expected to create around 30 lakh jobs and attract nearly ₹4.5 lakh crore in investments.
  • Calling it a big part of PM Modi’s Viksit Bharat 2047 vision, minister Vaishnaw said, “Shipment and maritime sector is a very strategic sector for any country, and not just for India. It’s strategic also because of our long-associated heritage with it. Till the 18th century, Indian ships were considered the most advanced ships in the world and people from all over the world came to India to buy ships. Indian designs were also taken to Europe. It is now important to revive our heritage for the country’s economic growth.”
  • The reforms also build on the fact that maritime transport already carries 95% of India’s trade by volume and 65% by value, added Vaishnaw.
  • The first pillar - Shipbuilding Financial Assistance Scheme - has been allocated ₹24,736 crore and will be extended until 31 March 2036. The scheme aims to incentivize ship building in India and includes a Shipbreaking Credit Note with an allocation of ₹4,001 crore. A National Shipbuilding Mission will also be established to coordinate demand, oversee procurement, and promote international collaborations.
  • The second pillar, the Maritime Development Fund, comes with a corpus of ₹25,000 crore. This fund is intended to make financing cheaper and more accessible in the sector. It will offer equity financing, promote Indian tonnage, and support infrastructure such as shipyards, repair facilities, and port-linked projects.
  • The third pillar, the Shipbuilding Development Scheme, has been allocated ₹19,989 crore. This scheme will support both greenfield shipbuilding clusters and the expansion of existing brownfield facilities. The government hopes to create globally competitive hubs by building specialized clusters that can attract domestic and foreign orders.
  • The fourth pillar focuses on legal, policy, and process reforms. Several key maritime laws, including the Merchant Shipping Act, the Carriage of Goods by Sea Act, and the Indian Ports Act, are being updated to reflect modern requirements and international standards, said the government.
  • The government believes that with this reform, India’s shipbuilding capacity could grow to 4.5 million gross tonnage, with output reaching 8.2 million gross tonnage, over 2,500 additional vessels, alongside an additional 250 million tonnes per annum of port capacity.

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