The Union government has sanctioned Rs 2,700 cr for the development and modernisation of the Cochin Shipyard. This was announced by Union Shipping Minister Nithin Gadkari in New Delhi on Monda
The sum was granted under the 'Make in India Programme' first mooted by the Prime Minister in his Independence Day speech last month. The project aims to manufacture goods for the development of India with focus on job creation and skill enhancement.
An amount of Rs 1,200 cr has been apportioned to set up a dry dockyard for construction of ships. The remaining amount of Rs 1,500 has been set aside to build a cargo ship for transporting LNG. It has been planned to build three such cargo ships in India itself and one of them will be made in Kochi.