NextFin news, New Delhi, Wednesday, September 24, 2025 – The Union Cabinet, chaired by Prime Minister Narendra Modi, approved a comprehensive ₹69,725 crore plan to develop and modernize India's shipbuilding and maritime sector. This decision was taken to enhance domestic shipbuilding capacity, improve maritime infrastructure, and strengthen India's global position in the maritime industry.
The centerpiece of the initiative is the Shipbuilding Development Scheme, which has an allocation of ₹19,989 crore. This scheme aims to increase domestic shipbuilding capacity to 4.5 million Gross Tonnage (GT), supporting both greenfield and brownfield shipyard projects.
The plan is structured around a four-pillar strategy: boosting domestic shipbuilding capacity, providing long-term financing support, promoting the development of new and existing shipyards, and enhancing skill development and technical expertise in the maritime sector. Additionally, the plan includes legal, taxation, and policy reforms to create a conducive environment for growth.
Information and Broadcasting Minister Ashwini Vaishnaw highlighted that the ambitious program will create robust maritime infrastructure and significantly contribute to India's economic growth and job creation. The initiative is expected to foster innovation, sustainability, and competitiveness in the maritime industry.
The government’s move comes amid growing global demand for maritime transport and strategic emphasis on self-reliance in critical sectors. By investing in shipbuilding and maritime development, India aims to reduce import dependence, enhance export potential, and secure its maritime interests.
The plan also aligns with the broader 'Make in India' and 'Atmanirbhar Bharat' initiatives, aiming to position India as a global hub for shipbuilding and maritime services.
Sources: Moneycontrol (https://www.moneycontrol.com/news/business/economy/cabinet-okays-rs-69-725-crore-plan-for-shipbuilding-maritime-development-13574706.html), Business Today YouTube Channel (https://www.youtube.com/watch?v=UyPy8kEp8V8)
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