NEW DELHI: Aiming to position India among the global shipbuilding elite, the govt Wednesday approved an umbrella package involving nearly Rs 70,000 crore in investment in the maritime sector, currently dominated by China, South Korea and Japan. Shipping ministry officials said this marks the most significant reform in the sector since Independence. Announcing the decision, I&B minister Ashwini Vaishnaw said, "Shipbuilding needs deep capital. Only those countries could save the shipbuilding industry historically that gave substantial support to industry." The package has a four-pillar approach to strengthen domestic capacity, improve long-term financing, promote greenfield and brownfield shipyard development, and enhance technical capabilities and skilling.

The three major schemes - Shi

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