New Delhi, Feb. 1 -- Union finance minister Nirmala Sitharaman announced a Rs.25,000-crore Martine Development Fund (MDF) in the Union Budget 2024-25.

The fund will provide long-term and low-cost financial support for Indigenous shipbuilding and other blue water infrastructure projects, said the finance minister while presenting her eighth consecutive budget in the Parliament on Saturday.

The government will contribute up to 49% to the fund and mobilize the rest from the private sector.

Mint first reported on 3 December 2024 about the Centre's plan to introduce the fund in Budget 2025.

The Union ports, shipping, and waterways ministry will organize investor meets and roadshows in the US, Europe, and key Asian markets to attract pensio...