New Delhi, Sept. 25 -- The Union Cabinet has approved a Rs 69,725 crore package to strengthen India's shipbuilding industry.

The plan aims to place India among the world's top 10 shipbuilding nations by 2030 and in the top 5 by 2047.

The move is expected to reduce dependence on foreign shipping, lower freight costs, and enhance India's maritime strength.

India's shipping sector is crucial as about 95% of trade by volume and 70% by value moves through the seas. However, the country accounts for only 0.07% of global shipbuilding tonnage, and just 5% of export-import cargo is carried on Indian-owned or flagged ships.

This reliance on foreign ships leads to annual outflows of nearly Rs 6 lakh crore, creating both economic and strategic ri...