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Cabinet clears package to boost shipbuilding and maritime sector

The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved a comprehensive package to boost shipbuilding, maritime financing, and domestic capacity in India. Productivity Linked Bonus for 78 days to railway employees and major expansion of postgraduate and undergraduate medical education capacity in the country. The shipbuilding package of Rs 69,725 crore is aimed at revitalising the country’s maritime sector through a four-pillar strategy that covers financing, infrastructure, technical development, and policy reforms. The package extends the Shipbuilding Financial Assistance Scheme (SBFAS) till March 31, 2036, with a total corpus of Rs.24,736 crore. It also introduces a Shipbreaking Credit Note worth Rs.4,001 crore to support sustainable practices in the sector. A National Shipbuilding Mission will be set up to oversee implementation. Briefing media in New Delhi, Union Information and Broadcasting Minister Ashwini Vaishnaw said, the package introduces a four-pillar approach designed to strengthen domestic capacity, improve long-term financing and promote greenfield and brownfield shipyard development.

Vaishnaw said, the Union Cabinet today approved payment of Productivity Linked Bonus PLB of 78 days for over one thousand 865 crore rupees to 10.91 lakh railway employees. Payment of PLB to eligible railway employee is made each year before the Durga Puja and Dussehra holidays.  The payment of PLB acts as an incentive to motivate the railway employees for working towards improvement in the performance of the Railways.
Vaishnaw said, Cabinet has approved major expansion of postgraduate and undergraduate medical education capacity in the country, with Phase-III of Centrally Sponsored Scheme CSS adding five thousand PG seats and the extension of CSS creating five thousand 23 MBBS seats.

 


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