New Delhi: In a major boost to India’s maritime ambitions, the Union Cabinet has cleared a ₹69,725 crore package to develop shipbuilding clusters across the country, with Kochi set to emerge as a key hub.
Union Minister Ashwini Vaishnaw said the decision is aimed at reviving India’s shipbuilding industry, enhancing self-reliance, and creating thousands of jobs while attracting big-ticket investments.
At present, India accounts for just 1% of global shipbuilding—a figure the government is determined to raise. As part of the scheme, ships built in Indian yards will get 20% incentives for projects above ₹100 crore and 15% for smaller projects.
Adding momentum to the plan, Cochin Shipyard has signed an MoU with a South Korean company to set up a state-of-the-art shipbuilding yard on 80 acres. Officials said the move aligns perfectly with India’s vision to expand its global footprint in the shipbuilding sector.
