PM announces ₹70,000cr package to boost India's shipbuilding industry
India
Prime Minister Narendra Modi just announced a massive ₹70,000 crore package to supercharge India's shipbuilding industry under Make in India.
Speaking in the Rajya Sabha, he highlighted why self-reliance matters right now, especially with global shipping facing disruptions due to conflicts in West Asia.
India spends ₹6 lakh crore on foreign shipping every year
India spends about ₹6 lakh crore every year on foreign shipping, almost as much as its defense budget, since 95% of its trade by volume moves by sea.
This new package aims to change that by building ships at home, creating 30 lakh jobs, and attracting big investments across states like Odisha and Gujarat.
The goal? Make India less dependent on other countries for shipping and more resilient when global supply chains get shaky.