Maharashtra govt approves shipbuilding policy to develop maritime infrastructure

The Maharashtra government has approved a shipbuilding policy to develop the states maritime infrastructure and promote ship repair and recycling activities an official said on Saturday reported news agency PTIThe Maharashtra Shipbuilding Ship Repair and Ship Recycling Facility Development Policy 2025 was approved in the last cabinet meeting and a Government Resolution GR was issued on Friday he saidThe decision is expected to boost the shipbuilding repair and recycling industries and attract new projectsThe move will also help the central government earn valuable foreign exchangeRecognising the significant importance of the maritime sector in driving economic and industrial growth the state has identified the need to develop foundational infrastructure in this domainWhile the government has the Maharashtra Maritime Development Policy 2023 to regulate and develop small ports along the states coastline the new policy now has provisions specifically for shipbuilding repair and recycling reported PTIMaharashtras strategic location on Indias west coast presents a substantial opportunity for the construction of new vessels maintenance of existing ships and organised recycling of decommissioned shipsAccording to the GR the state aims to encourage private sector participation in building the necessary infrastructureThe initiative will also help generate new employment opportunities as there is a need to develop a skilled workforce at various levels increase cargo handling capacity and attract investments in the port sector reported PTIThe Central governments ambitious programmes Maritime India Vision 2030 and Maritime Amrit Kaal Vision 2047 have outlined goals for shipbuilding repair and recycling with Maharashtra targeting a onethird share of the national effort reported PTITo achieve this the state aims to encourage small and medium enterprises create jobs promote innovation through RampD investments and enable collaborationThe new policy outlines three development models including maritime shipyard clusters under which clusters of shipyards will be built to promote industry growth and efficiency standalone shipyards to encourage individual shipyards to operate and provide specialised services and developing shipyard projects at ports reported PTIPrivate sector participation will be encouraged under all three modelsThese projects will enable the construction and repair of Indian vessels enhancing the countrys presence in maritime transport and reducing foreign exchange outflow the GR statedAs per the policy private entrepreneurs will receive capital subsidies of 15 per cent of the project cost and it will be disbursed in four equal instalments during the construction phase each after 25 per cent of the work is completed and the final instalment once commercial operations commence reported PTIDevelopers or private entities setting up skill development facilities for shipbuilding repair or recycling will receive 60 per cent of the project cost or Rs 5 crore whichever is lower the GR stated reported PTIApart from this an annual financial aid of 50 per cent of the incurred cost or Rs 1 crore whichever is lower will be provided for employee skill development or upskillingThe state has also approved capital assistance up to 60 per cent of the facility cost or Rs 5 crore whichever is lower for developers or private institutions setting up shipbuilding repair or recycling facilities it was statedWith inputs from PTIatOptionskeyd0ddb8ef8f1a62a8cdd22fac27fc5ea7formatiframeheight90width728params