Cabinet approves a package of Rs 69.725 crore for shipbuilding and maritime sectors. 30 Lakh jobs will be created

New -Delhi, September 24 (IANS). The Union Cabinet meeting chaired by Premier Narendra Modi Wednesday, which realizes the strategic and economic importance of the sea sector, approved a package of Rs 69.725 crore to strengthen India’s shipbuilding and maritime ecosystem. This package is expected to increase 4.5 million gross tonnes of shipbuilding capacity, about 30 lakh jobs and an investment of about 4.5 Lakh Crore calls in the maritime sector in India. In terms of this package, shipbuilding financial assistance scheme (SBFAs) continues with a total fund of Rs 24,736 crore by 31 March 2036. A national shipbuilding mission will also be drawn up to monitor the implementation of all initiatives. According to a cabinet letter, the package offers four pillars designed to strengthen domestic capacity, to improve long-term financing, promoting the development of the Groenveld and the Brownfield Shipment, increasing technical capabilities and skills and to apply legal, tax and policy improvements to implement legal, tax and policy improvement for strong merit. In addition, Maritime Development Fund (MDF) with an amount of Rs 25,000 crore was approved to provide long -term financing for the region. This includes an interest incentive fund of Rs 5,000 crore to lower the effective cost of Rs 20,000 crore, with 49 percent participation in the government of India and to improve the project’s bank capacity. In addition, shipbuilding development scheme (SBDs) with a budget expenditure of Rs 19.989 Crore goal is to increase the manufacturing capacity of the household shipping annually, which helps mega -divorcing, expanding infrastructure, the expansion of infrastructure, installation of India Ship Technology Center under Indian Meritem University and the construction of the risk dish. Must provide. This initiative will strengthen national, energy, food security, along with improving important supply chains and sea routes. It will also strengthen India’s geopolitical firmness and strategic self -sufficiency. This initiative will lead the country as a competitive power in global shipping and shipbuilding, promoting the ‘self -sufficient Indian’ vision. -Ians skt/