Overview

• Under the package, the Shipbuilding Financial Assistance Scheme is extended to March 31, 2036 with a corpus of Rs 24,736 crore, including a Rs 4,001-crore shipbreaking credit note.
• The Maritime Development Fund is set at Rs 25,000 crore, comprising a Rs 20,000-crore Maritime Investment Fund with 49% government participation and a Rs 5,000-crore interest incentivisation fund.
• The Shipbuilding Development Scheme carries Rs 19,989 crore to lift domestic capacity to 4.5 million gross tonnage, support mega clusters and infrastructure, provide risk cover, and establish an India Ship Technology Centre.
• CSL has signed a strategic MoU with HD Korea Shipbuilding & Offshore Engineering to build large vessels using its 310-metre dry dock and will invest about Rs 3,700 crore in a Kochi block fabrication facility projected to create around 2,000 direct jobs.
• Cochin Shipyard is considering a Rs 15,000-crore greenfield yard in Tamil Nadu with a Korean partner and Mazagon Dock is reported to plan a similar Rs 15,000-crore facility, with the two projects together expected to create roughly 55,000 jobs.