Mumbai, Sept. 24 -- Recognizing the strategic and economic importance of the maritime sector, the Union Cabinet, today 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 31 March 2036 with a total corpus of Rs 24,736 crore. The scheme aims to incentivize ship building in India a...