₹25,000cr Maritime Development Fund launched to boost shipbuilding
Big news for India's shipping scene: the government has rolled out a ₹25,000 crore Maritime Development Fund to boost investment and create jobs in shipbuilding and related fields.
The fund is split into two parts—a ₹20,000 crore Maritime Investment Fund for equity financing and a ₹5,000 crore Interest Incentivization Fund to help with loans—aiming to make Indian shipyards more competitive and spark new opportunities.
Fund aims to enhance competitiveness of Indian shipyards
The Maritime Investment Fund will back shipbuilding projects and port infrastructure, with the government capping its stake at 49% to encourage private players.
The Interest Incentivization Fund will give Indian shipyards up to 3% off on loan interest for the next decade.
Approved by the Union Cabinet, officials say this move could boost exports and potentially create up to 3 million jobs.