Overview

• The Cabinet has cleared a National Shipbuilding Mission within a Rs 70,000 crore maritime package, including a revamped shipbuilding financial assistance scheme worth Rs 24,736 crore.
• Cochin Shipyard and Mazagon Dock signed MoUs with Tamil Nadu to develop a Rs 30,000 crore shipbuilding hub in Thoothukudi capable of constructing VLCCs and naval warships, with a Detailed Project Report now due.
• The government inaugurated the Rs 305 crore India Ship Technology Centre at IMU Visakhapatnam to strengthen ship design, R&D, engineering and skills.
• The minister projects Rs 1.82 lakh crore of investment into shipbuilding and repair clusters, with potential annual freight savings of about Rs 4.5 lakh crore and 25–30 lakh new jobs.
• Only about 5% of India’s EXIM cargo moves on Indian-flag vessels, costing roughly Rs 6 lakh crore a year, and the policy also seeks to attract Korean and Japanese shipbuilders to set up in India.