The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved a comprehensive package worth Rs.69,725 crore to boost shipbuilding, maritime financing, and domestic capacity in India. The initiative is aimed at revitalising the country’s maritime sector through a four-pillar strategy that covers financing, infrastructure, technical development, and policy reforms.

The package extends the Shipbuilding Financial Assistance Scheme (SBFAS) till March 31, 2036, with a total corpus of Rs.24,736 crore. It also introduces a Shipbreaking Credit Note worth Rs.4,001 crore to support sustainable practices in the sector. A National Shipbuilding Mission will be set up to oversee implementation.

A Maritime Development Fund (MDF) with a corpus of Rs.25,000 crore has also been cleared,

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