Union Cabinet approves ₹69,725cr plan to boost India's shipbuilding industry
Big news for India's shipbuilding scene: the Union Cabinet just greenlit a ₹69,725 crore plan to give the maritime industry a serious boost.
The strategy covers four main goals—growing homegrown shipbuilding, securing long-term funding, modernizing infrastructure, and updating policies.
One highlight: the Shipbuilding Financial Assistance Scheme (SBFAS) gets extended till March 2036 with a hefty ₹24,736 crore investment.
National Shipbuilding Mission will steer the effort
The National Shipbuilding Mission will steer this whole effort. Plus, there's now a fresh Maritime Development Fund (₹25,000 crore) to help finance new projects—including special funds for investments and interest support.
The Shipbuilding Development Scheme is set to ramp up India's ship capacity. Overall, the package could create around 30 lakh jobs and attract massive investments.