News Brief
Govt Unveils Rs 70,000 Crore Plan To Push Shipbuilding In India, Ports: Report
Naval dockyard. (Pic Via X)
The government will soon announce a Rs 70,000 crore package to provide incentives, interest subsidies, and long-term financing aimed at boosting domestic shipbuilding, ship-breaking, and port-linked infrastructure, reported The Times Of India.
The initiative seeks to propel India into the top 10 global countries for both shipbuilding and ship ownership within the next five years.
Currently, India ranks 14th in both categories.
The umbrella programme targets the creation of two crore direct and indirect jobs over the next five years.
The Times of India reported, citing sources, that the programme aims to reduce India’s dependence on foreign ships and prepare the nation to face any supply chain disruptions.
The package will include four components: the Shipbuilding Financial Assistance Scheme to support shipbuilders, the establishment of a Maritime Development Fund, and capacity creation for developing greenfield clusters as well as expanding existing hubs.
“Since this requires long-term financing, the Maritime Development Fund will enable players to have access to such long-term and low-cost financing,” an official said.
The government has identified four land parcels of 2,000-3,000 acres each in Odisha, Andhra Pradesh, Gujarat, and Tamil Nadu for greenfield shipbuilding and repair hubs.
This month, an MoU was signed to develop mega shipbuilding clusters in Cuddalore and Thoothukudi in Tamil Nadu, with another likely in Gujarat at Kandla during PM Narendra Modi’s visit.
During the visit, Modi participated in the “Samudra se Samriddhi” event and inaugurate and lay the foundation stone for multiple development projects worth over Rs 34,200 crore at Bhavnagar.
In an official statement, PMO said the projects related to the maritime sector will total Rs 7,870 crore.
