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Cabinet Approves Rs 70,000-Crore Package For Shipping Industry; Details Here

Posted By: Hemant Kumar Posted On: Sep 24, 2025Share Article

Cabinet Approves Rs 70,000-Crore Package For Shipping Industry; Details Here

The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved a Rs 69,725-crore package to boost India's shipbuilding and maritime industry, Information & Broadcasting Minister Ashwini Vaishnaw announced on Wednesday, September 24.

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 to incentivise shipbuilding in India and includes a shipbreaking credit note with an allocation of Rs 4,001 crore.

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A National Shipbuilding Mission will also be established to oversee the implementation of all initiatives.

In addition, the Maritime Development Fund (MDF) has been approved with a corpus of Rs 25,000 crore to provide long-term financing for the sector. Furthermore, the Shipbuilding Development Scheme has a budgetary outlay of Rs 19,989 crore.

Source: News18
Related Posts: shipbuilding industry India, maritime industry India, shipbuilding financial assistance scheme, National Shipbuilding Mission, Maritime Development Fund

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