Yesterday, the Indian Council of Ministers approved a package support for the shipbuilding and construction sectors maritime transport worth a total of 697.2 billion rupees (over $7.8 billion). The aid programme will be is divided into four strands aimed at strengthening the capacity of the national production, improve the system of financing promote the development of greenfield shipyards and brownfield, improve technical skills and expertise and implement legal, tax and policy reforms to create a robust maritime infrastructure.

With regard to the shipbuilding sector, the package provides for extend the Financial Assistance Program for the Shipbuilding Industry until 31 March 2036, allocating resources to this initiative amounting to 247.4 billion rupees ($2.9 billion). It is A Shipbuilding Development Program has also been created Naval, with a budget of 199.9 billion rupees (over 2.2 billion dollars), to increase the production capacity of Indian shipyards at 4.5 million gross tonnage per year, for support the large shipbuilding clusters, for the expansion of the infrastructure, to establish the India Ship Technology Centre at the Indian Maritime University and to provide risk coverage, including insurance support for construction projects naval. The creation of 30 thousand new jobs.

In addition, a Development Fund has been approved Maritime sector to which resources of 200.0 billion have been allocated rupees (over US$2.2 billion) to provide financing to to the maritime sector.