New Delhi, Sep 24 (PTI): The Union Cabinet on Wednesday cleared a comprehensive package worth ₹69,725 crore aimed at revitalising India’s shipbuilding and maritime ecosystem, introducing a multi-pronged strategy to boost capacity, financing, and infrastructure.

Information and Broadcasting Minister Ashwini Vaishnaw said the package is built on a four-pillar approach: strengthening domestic capacity, enabling long-term financing, promoting greenfield and brownfield shipyard development, enhancing technical capabilities and skilling, and advancing legal, taxation, and policy reforms to support maritime infrastructure.

A key feature is the extension of the Shipbuilding Financial Assistance Scheme (SBFAS) until March 31, 2036, with a corpus of ₹24,736 crore. The scheme will incentivise shipbuilding in India and includes a shipbreaking credit note facility with an allocation of ₹4,001 crore. A National Shipbuilding Mission will also be launched to oversee implementation.

To bolster financing, the government has approved the creation of a Maritime Development Fund (MDF) with a corpus of ₹25,000 crore for long-term funding support. In addition, the Shipbuilding Development Scheme has been sanctioned with an outlay of ₹19,989 crore.

The minister said the package reflects the government’s commitment to transforming India into a global hub for shipbuilding and maritime services, ensuring competitiveness while fostering innovation and sustainability.