India announces ₹25,000-crore Maritime Development Fund to boost India's shipbuilding industry — All we know
&imwidth=600&imheight=450&format=webp&quality=medium "India announces ₹25,000-crore Maritime Development Fund to boost India's shipbuilding industry — All we know")
For representational purpose only Photograph: (AFP)
The Indian government introduces a ₹25,000-crore fund to boost shipbuilding, maritime investment, and infrastructure development, creating 30 lakh jobs
On Wednesday (September 24), Information and Broadcasting Minister Ashwini Vaishnaw announced a ₹25,000-crore Maritime Development Fund aimed at strengthening India’s shipbuilding and maritime infrastructure. This initiative includes a ₹20,000-crore Maritime Investment Fund (MIF) focused on promoting equity investment in the sector, alongside a ₹5,000-crore Interest Incentivisation Fund (IIF) designed to support loans for Indian shipyards.
The Maritime Investment Fund will prioritise projects related to shipbuilding, maritime infrastructure, and inland waterways, among others. The government will contribute up to 49% of the fund at a concessional rate, while the remaining 51% will come from commercial investors. The funds will help develop key areas such as Indian tonnage, shipyards, repairs, ports, coastal shipping, and logistics infrastructure.
Ashwini Vaishnaw highlighted that this initiative is set to create three million jobs across the sector. He also emphasised its role in boosting investment, driving export growth, and enhancing the country's maritime capabilities. In addition, the government has approved a comprehensive ₹69,725-crore package to revitalise the shipbuilding industry, focusing on strengthening domestic manufacturing capacity, enhancing financing options, and fostering shipyard development. This plan also includes technical upgrades, skill development, and essential policy reforms to ensure the growth of India’s maritime infrastructure. The entire package aims to propel the country toward self-reliance in the maritime domain, while contributing to economic growth and job creation.
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Finance Minister Nirmala Sitharaman said that the funds will be utilised to foster and enhance competition. The government will contribute up to 49%, with the remaining amount being raised through ports and private sector involvement.
