The Union Cabinet on Wednesday approved around ₹70,000 crore package for shipbuilding and maritime sector.

“In a transformative push for maritime self-reliance, the Cabinet approved a package to rejuvenate India’s shipbuilding and maritime sector. This historic move will unlock 4.5 million gross tonnage capacity, generate jobs, and attract investments,” Prime Minister Narendra Modi said in a social media post.

According to a government statement, the package comprises of 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.

It is expected to to generate nea

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