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4w ago

Maharashtra Approves Ambitious Maritime Policy to Boost Shipbuilding and Recycling

The policy aims to attract Rs 6,600 crore investment and create 40,000 jobs by 2030, with international investors already showing interest.

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Mumbai, India - March 6, 2017:INS Viraat, Oldest serving aircraft carrier was decommissioned at Naval Dockyard in Mumbai, India, on Monday, March 6, 2017. (Photo by Anshuman Poyrekar/Hindustan Times) (Anshuman Poyrekar/HT Photo)
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Overview

  • The Maharashtra State Cabinet has approved the Shipbuilding, Ship Repair, and Ship Recycling Policy 2025, aiming to transform the state into a major maritime hub.
  • The policy sets targets of Rs 6,600 crore investment and 40,000 jobs by 2030, scaling up to Rs 18,000 crore and 330,000 jobs by 2047.
  • Financial incentives include capital subsidies of up to 15% of project costs, skill development grants up to Rs 1 crore, and R&D support up to Rs 5 crore per project.
  • A single-window mechanism under the Maharashtra Maritime Board will streamline land allocation, permits, and approvals to facilitate development.
  • Recent outreach to the Netherlands has generated interest from international investors, with potential commitments of Rs 2,500–3,000 crore in Maharashtra’s maritime sector.