New Delhi, Sept. 24 -- The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved a comprehensive package of Rs 69,725 crore to revitalize India's shipbuilding and maritime ecosystem.

The package introduces a four-pillar approach designed to strengthen domestic capacity, improve long-term financing, promote greenfield and brownfield shipyard development, enhance technical capabilities and skilling, and implement legal, taxation, and policy reforms to create a robust maritime infrastructure.

Under this package, the Shipbuilding Financial Assistance Scheme (SBFAS) will be extended until March 31, 2036 with a total corpus of Rs 24,736 crore, an official release said.

The scheme aims to incentivise shipbuilding in In...