Ports and shipping, which received limited attention during NDA-I and NDA-II, have become a significant priority in the Modi 3.0 administration. On September 24, the Union Cabinet approved a comprehensive package valued at ₹69,725 crore aimed at revitalizing the shipbuilding and maritime sectors.
This initiative adopts a multifaceted strategy to bolster the maritime ecosystem. The focus is on strengthening domestic shipbuilding capacity, which is essential for reducing reliance on foreign manufacturers. Additionally, the package emphasizes the need for improved long-term financing options to support these domestic efforts.
Furthermore, the development of both greenfield and brownfield shipyards is a critical component of the plan. This will not only enhance infrastructure but also create new job opportunities within the sector. The initiative also includes a commitment to upgrading technical capabilities through skilling and various reforms, which encompass legal, taxation, and policy improvements.
Overall, this strategic push aims to create a robust maritime infrastructure, ensuring that India can compete effectively in the global shipping industry while fostering sustainable growth in the sector.
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