New Delhi, 24 September (IANS). The Union Cabinet meeting chaired by Prime Minister Narendra Modi on Wednesday, realizing the strategic and economic importance of the sea sector, approved a package of Rs 69,725 crore to reinforce India’s shipbuilding and maritime ecosystem.
With this package, 4.5 million gross tonnes are expected to increase shipbuilding capacity, create about 30 lakh job opportunities and an investment of about 4.5 lakh crore rupees in India’s maritime sector.
Under this package, Shipbuilding Financial Assistance Scheme (SBFAS) will be continued with a total fund of Rs 24,736 crore by March 31, 2036.
The scheme aims to encourage ship construction in India and includes a shipbreaking credit note with an allocation of Rs 4,001 crore.
A national shipbuilding mission will also be set up to monitor the implementation of all initiatives.
According to a cabinet note, the package offers four pillars designed to strengthen domestic capacity, improve long -term financeing, promote greenfield and brownfield shipyard development, increase technical capabilities and skills and to apply legal, tax and policy improvements to implement legal, tax and policy improvement for strong meritime infrastructure.
In addition, Maritime Development Fund (MDF) has been approved with an amount of Rs 25,000 crore to provide long term financeing for the region.
This includes an interest incentive fund of Rs 5,000 crore to reduce the effective cost of Rs 20,000 crore with 49 percent participation of the Government of India and to improve the project’s banking capacity.
In addition, Shipbuilding Development Scheme (SBDS) with budgetary outlay of Rs 19,989 crore purpose to increase domestic ship manufacturing capacity to 4.5 million gross tanes annually, providing assistance to mega shipbling clusters, expanding infrastructure, expanding infrastructure, installation of India Ship Technology Center under Indian Merittem University and setting up the risk shovels. Have to provide.
This initiative will strengthen national, energy, food security along with improving important supply chains and sea routes. Also, it will strengthen India’s geopolitical firmness and strategic self-sufficiency.
This initiative will lead the country as a competitive power in global shipping and shipbuilding, furthering the ‘self -sufficient India’ vision.
-IANS
SKT/
