New Delhi, July 25 (IANS) A comprehensive Rs 69,725 crore package has been approved to strengthen domestic shipbuilding capacity, maritime financing and skilling as part of measures to revamp India’s shipbuilding industry, the government has said.The package includes a Shipbuilding Financial Assistance Scheme with an outlay of Rs 24,736 crore to address cost disadvantages of Indian shipyards compared to global yards, Union Minister of Ports, Shipping and Waterways, Sarbananda Sonowal, said in Lo…
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Visakhapatnam, July 11 (IANS) Defence Minister Rajnath Singh on Saturday asserted that while emerging technologies such as Artificial Intelligence are transforming the nature of warfare, conventional military capabilities remain indispensable, stressing that future conflicts may involve AI but will ultimately be won through national resolve, trained soldiers and credible military strength. Addressing the gathering during the commissioning ceremony of INS Mahendragiri into the Indian Navy in Andh…
New Delhi, March 14 (IANS) The government on Saturday said that under the Shipbuilding Financial Assistance Policy (SBFAP), a total of 288 contracts worth Rs 19,748 crore, covering 456 vessels, have received in-principle approval to date.Moreover, total financial assistance amounting to Rs 620.57 crore has been disbursed to 23 shipyards for the construction and delivery of 204 vessels, according to the Union Minister of Ports, Shipping, and Waterways, Sarbananda Sonowal.The types of vessels cove…
New Delhi, Jan 1 (IANS) The government has said that Sagarmala Finance Corporation Limited (SMFCL), India’s first maritime focused non-banking financial company (NBFC), commenced its lending operations and approved loan sanctions of about Rs 4,300 crore.With this, SMFCL has formally entered the maritime lending space in line with the strategy approved by its Board, said Ministry of Ports, Shipping and Waterways.“SMFCL’s entry into lending marks an important step in strengthening maritime i…