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The Union Cabinet has approved a INR 69,725 crore package to strengthen India's shipbuilding and maritime sector. The package focuses on enhancing domestic capacity, providing long-term financing, supporting greenfield and brownfield shipyard projects, improving technical skills, and implementing policy, legal, and taxation reforms. The Shipbuilding Financial Assistance Scheme will continue until 2036 with INR 24,736 crore, including a shipbreaking credit note of INR 4,001 crore. The Maritime Development Fund of INR 25,000 crore and Shipbuilding Development Scheme with INR 19,989 crore will further support the sector, overseen by the newly established National Shipbuilding Mission.
The Union Cabinet has approved a comprehensive INR 69,725 crore package to boost India's shipbuilding and maritime ecosystem. The plan follows a four-pillar strategy aimed at strengthening domestic shipbuilding capacity, improving long-term financing, promoting both greenfield and brownfield shipyard development, enhancing technical skills, and implementing legal, taxation, and policy reforms to build a stronger maritime infrastructure. Advertisement
Information and Broadcasting Minister Ashwini Vaishnaw briefed that the Cabinet, chaired by Prime Minister Narendra Modi, had approved the package to give a sustained push to India's shipbuilding sector. As part of the plan, the Shipbuilding Financial Assistance Scheme (SBFAS) will be extended until 2036 with a total corpus of INR 24,736 crore. This scheme is intended to incentivise shipbuilding in the country and includes a shipbreaking credit note of INR 4,001 crore to encourage environmentally responsible ship recycling.
A National Shipbuilding Mission will be established to oversee and coordinate all initiatives under the package, ensuring smooth implementation and monitoring of progress. The Cabinet also approved the Maritime Development Fund (MDF) with INR 25,000 crore to provide long-term financing support to shipbuilders and related enterprises. In addition, the Shipbuilding Development Scheme has been allocated INR 19,989 crore to support shipyard development, capacity expansion, and technical capability enhancement.
This move builds on earlier efforts by the government to promote domestic shipbuilding, including incentives for private shipbuilders, modernization of existing shipyards, and skill development programs under previous maritime policies. The new package consolidates these initiatives under a structured framework aimed at long-term growth and self-reliance in the sector.
Source PTI
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