Big ‘Atmanirbhar Bharat’ push: Cabinet approves Rs 69,725 crore package for shipbuilding and maritime sector; top points

3 hours ago 3

ARTICLE AD BOX

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

Read Entire Article