New Delhi, Sept 24 (UNI) Recognising the strategic and economic importance of the maritime sector, the union Cabinet today approved a comprehensive package of Rs 69,725 crore to revitalize India’s shipbuilding and maritime ecosystem.

Union Minister Ashwini Vaishnaw at a press conference after the Cabinet meeting said, “The package introduces a four-pillar approach designed to strengthen domestic capacity, improve long-term financing, promote greenfield and brownfield shipyard development, enhance technical capabilities and skilling and implement legal, taxation and policy reforms to create a robust maritime infrastructure”.

Under this package, the Shipbuilding Financial Assistance Scheme (SBFAS) will be extended until 31 March 2036 with a total corpus of Rs 24,736 crore. The scheme aims

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