New Delhi, Sept. 25 -- The Union Cabinet on Wednesday approved a Rs.69,725 crore 10-year-long revival package with a four-pillar approach, to reform India's shipbuilding and maritime sector, Union minister for railways, IT and I&B Ashwini Vaishnaw said.

Describing shipbuilding as the "mother of heavy engineering," the government said the reforms are expected to create around 30 lakh jobs and attract nearly Rs.4.5 lakh crore in investments.

Calling it a big part of PM Modi's Viksit Bharat 2047 vision, minister Vaishnaw said, "Shipment and maritime sector is a very strategic sector for any country, and not just for India. It's strategic also because of our long-associated heritage with it. Till the 18th century, Indian ships were consider...