Govt Sets Sail on ₹70,000 Cr Financial Package for Shipbuilding Cos

The government is set to unveil a ₹70,000-crore financial package to attract investments in shipbuilding and repairs and also promote domestic shipbuilding and enhancing port infrastructure, two persons aware of the matter said.

- Subhash Narayan

The Union cabinet could clear the plan as early as mid-September.

The upcoming package would include ₹20,000 crore funds for developing and operationalizing a shipping cluster programme, ₹20,000 crore for a new Ship Building Financial Assistance (SBFA) programme and ₹25,000-30,000 crore for operationalizing the Maritime Development Fund (MDF).

A policy note on the three schemes for the shipping and ports sector has been finalized after several rounds of meetings between the finance ministry and the ministry of ports, shipping and waterways (MoPSW), the first person quoted above said, adding that the plan could be cleared by the Union cabinet within the next two to three weeks.