The Government of India has approved a ₹69,725 crore shipbuilding package to strengthen domestic shipyards, maritime financing, and workforce development. The initiative includes financial assistance, a Maritime Development Fund, and new shipbuilding clusters to enhance India’s global competitiveness under Maritime India Vision 2030 and Maritime Amrit Kaal Vision 2047.
Key Highlights
- ₹69,725 crore package approved to strengthen India’s shipbuilding industry.
- ₹25,000 crore Maritime Development Fund to support long-term financing.
- Three greenfield shipbuilding clusters approved in Andhra Pradesh, Gujarat, and Tamil Nadu.
- Fleet acquisition plan for 400+ vessels to provide long-term order visibility.
The Government of India has approved a ₹69,725 crore package to accelerate the growth of the country’s shipbuilding industry, strengthen maritime financing, and enhance skill development. Announced by Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal in the Lok Sabha, the comprehensive package aims to improve the competitiveness of Indian shipyards and position India among the world’s leading maritime nations. The initiative aligns with the government’s long-term goals under Maritime India Vision 2030 and Maritime Amrit Kaal Vision 2047.
A major component of the package is the ₹24,736 crore Shipbuilding Financial Assistance Scheme, designed to reduce the cost disadvantage faced by Indian shipyards compared with global competitors. The government has also approved a ₹25,000 crore Maritime Development Fund, comprising a ₹20,000 crore Maritime Investment Fund and a ₹5,000 crore Interest Incentivisation Fund, to provide long-term financing support for shipbuilding projects and maritime infrastructure. These measures are expected to improve access to capital while encouraging private investment in the sector.
To significantly expand domestic production capacity, the government has sanctioned a ₹19,989 crore Shipbuilding Development Scheme (SbDS). The scheme targets an annual shipbuilding capacity of 4.5 million gross tonnage through the development of greenfield shipbuilding clusters and the expansion of existing facilities. The Centre has already granted in-principle approval for three new clusters in Andhra Pradesh, Gujarat, and Tamil Nadu, creating opportunities for industrial growth, employment generation, and technology advancement.
The government has also introduced important policy reforms to support the sector. Large Indian-flagged commercial vessels have been granted infrastructure status, making financing easier and more affordable. In addition, a fleet acquisition plan of more than 400 vessels will provide long-term demand visibility for Indian shipyards. Together, these initiatives are expected to strengthen India’s maritime ecosystem, boost exports, generate skilled jobs, and enhance the country’s position in the global shipbuilding market.
Conclusion
The ₹69,725 crore shipbuilding package marks one of India’s largest maritime sector initiatives, laying the foundation for stronger domestic shipbuilding capacity, improved financing, and greater global competitiveness.
Excerpt
The Centre has approved a ₹69,725 crore package to boost India’s shipbuilding industry through financial assistance, maritime financing, new shipbuilding clusters, and policy reforms aimed at making the country a global maritime manufacturing hub.
FAQs
1. What is the value of the new shipbuilding package?
The government has approved a package worth ₹69,725 crore.
2. What is the Maritime Development Fund?
It is a ₹25,000 crore fund created to provide long-term financing for shipbuilding and maritime projects.
3. Which states will get new shipbuilding clusters?
The approved greenfield clusters are planned in Andhra Pradesh, Gujarat, and Tamil Nadu.
4. What is the objective of the package?
The initiative aims to boost domestic shipbuilding, improve financing, create jobs, and strengthen India’s global maritime competitiveness.
