India sets aside billions to develop shipyards

India’s finance minister announced a $2.9bn maritime development fund to boost the country’s shipbuilding and repair industry, aiming to become a top 10 shipyard nation by the decade’s end. The government will contribute 49% of the fund, seeking the rest from ports and the private sector, with a focus on attracting Korean and Japanese investments. The revamped Shipbuilding Financial Assistance policy will incentivize Indian owners to scrap old vessels and modernize their fleets.

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