Cabinet Likely to Clear Rs 70,000-Cr Push for Shipping Sector

New Delhi: The Union Cabinet, chaired by Prime Minister Narendra Modi, is meeting on Wednesday with a packed agenda that may see big-ticket announcements for the shipping sector, government sources indicated.

According to officials familiar with the discussions, the Cabinet is expected to approve three new schemes for the sector, with a combined budgetary outlay of Rs 70,000 crore. These include Shipbuilding Financial Assistance Scheme worth Rs 25,000 crore, Maritime Development Fund of Rs 25,000 crore, Shipbuilding Development Scheme with an allocation of Rs 20,000 crore.

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The measures are being described as a major boost to India’s maritime industry, aimed at strengthening shipbuilding capacity, expanding port-led infrastructure and supporting allied services.

In addition to shipping-related proposals, the Cabinet is also likely to clear several highway projects in Bihar, a state headed for elections later this year.

If approved, today’s decisions will mark one of the largest investment packages for the maritime sector, underscoring the government’s focus on building India into a global shipping and logistics hub.