#Modinomics2025: Govt Revamps Shipbuilding Policy, Sets ₹25,000 Crore Fund!

The government has announced a major revamp of the shipbuilding financial assistance policy to address cost disadvantages and boost the maritime sector. This includes credit notes for shipbreaking in Indian yards and adding large ships to the infrastructure harmonized master list to promote the circular economy. Shipbuilding clusters will be developed with enhanced infrastructure, skilling, and technology to strengthen the ecosystem. Additionally, a ₹25,000 crore Maritime Development Fund will be set up to provide long-term financing and promote competition. The government will contribute up to 49%, with the rest mobilized from ports and private players to drive growth in India's maritime industry.