On Wednesday, the Narendra Modi-led cabinet approved Rs 69,725 crore for the development of the shipbuilding and maritime sector. The primary aim of this initiative is to improve India’s shipbuilding and maritime sector infrastructure and to increase the production capabilities of the sector.
This strategic package comprises four key elements: prioritising the strengthening of domestic capabilities, improving the financial framework, supporting shipyard expansion, and implementing regulatory reforms.
Railway and Information & Broadcast Minister Ashwini Vaishnaw called shipbuilding the “mother of the heavy engineering industry.” He also said that the sector’s investment multiplier is 1.8, and the employment multiplier is 6.4.
This initiative aims to create 30 lakh employment opportunities and attract an investment of Rs 4.5 lakh crore. This programme goes beyond economic benefits, strengthening the nation’s security framework across energy and food by enhancing key supply chains and sea routes.
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Moreover, this programme also encourages India’s strategic autonomy and the Atmanirbhar Bharat initiative, while enhancing the country’s standing in the international maritime commerce and shipbuilding.
