Big ‘Atmanirbhar Bharat’ push: Cabinet approves Rs 69,725 crore package for shipbuilding and maritime sector; top points
The government has introduced the Shipbuilding Development Scheme (SbDS) with Rs.19,989 crore funding. (AI image)
Prime Minister Narendra Modi-led Cabinet on Wednesday announced Rs 69,725 crore reforms in the shipbuilding and maritime development sector.Calling shipbuilding the ‘mother of heavy engineering industry’, Railway and I&B minister Ashwini Vaishnaw said that the investment multiplier of the sector is 1.8, and the employment multiplier is 6.4.
Shipbuilding and maritime development reforms: Top points
- Pillar 1: Shipbuilding Financial Assistance Scheme (Rs 24,736 crore)
• Component 1: Financial assistance
• Component 2: Ship-breaking credit note
• Component 3:National Shipbuilding Mission - Pillar 2:
Maritime Development Fund (Rs 25,000 crore)
• Component 1: Maritime Investment Fund
• Component 2: Interest Incentivization Fund - Pillar 3: Shipbuilding Development Scheme (Rs 19,989 crore)
- Pillar 4: Legal, policy and process reforms
This story is being updated
