India to Launch ₹25,000 Crore Maritime Fund and Shipbuilding Reforms

NEW DELHI: The Ministry of Shipping is finalizing schemes aimed at revitalizing the shipbuilding industry, including the establishment of a 25000 cr Maritine Development Fund. This fund will provide low-cost, long-term financing options to bolster the maritime sector. Union Minister for Ports, Shipping, and Waterways, Sarbananda Sonowal, stated that the ministry has conducted extensive studies and gathered input from various stakeholders to support shipbuilding initiatives. Key features of the proposed schemes include an updated Shipbuilding Financial Assistance Policy with incentives for green ships, shipbreaking credit notes, and the creation of an apex body to oversee the implementation of these reforms. The Ministry of Shipping is finalizing schemes aimed at revitalizing the shipbuilding industry, including the establishment of a ₹25,000 crore Maritime Development Fund. This fund will provide low-cost, long-term financing options to bolster the maritime sector.Union Minister for Ports, Shipping, and Waterways, Sarbananda Sonowal, stated