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The Cabinet Committee, chaired by Prime Minister Narendra Modi, today (September 24) has approved three major plans for the development of the shipping sector, Zee Business reported

The Cabinet today approved the maritime development fund (MDF), shipbuilding financial assistance policy (SBFAP), and shipbuilding clusters, sources familiar with the development told Zee Business.

According to the sources, Rs 25,000 crore for the MDF, Rs 20,000 crore for the shipbuilding cluster, and approximately Rs 19,000 crore for the SBFAP have been approved.

The government will try to improve quality standards in the shipping industry, embrace new technologies, and boost corporate support through these programmes. These actions are thought to be crucial to India becoming an independent nation and a significant global naval force. 

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