Cabinet Approves ₹70,000 Crore Package to Revitalize Shipbuilding and Maritime Sector.

The Union Cabinet recently approved a ₹70,000 crore package aimed at revitalizing India’s shipbuilding and maritime sector, marking a significant step toward maritime self-reliance.

Prime Minister Narendra Modi hailed the move as “transformative,” highlighting that the initiative will unlock 4.5 million gross tonnage capacity, create numerous jobs, and attract substantial investments. He shared the announcement via a social media post.

The government statement outlined that the package is built around a four-pillar strategy focused on strengthening domestic shipbuilding capacity, enhancing long-term financing, promoting greenfield and brownfield shipyard development, and boosting technical skills and capabilities. It also includes comprehensive legal, taxation, and policy reforms to establish a robust maritime infrastructure in the country.