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Rs.25,000-Cr ship-building fund to be set up; govt to contribute 26%

Mint  

The union government may approve the proposal for an INR 25,000 crore Maritime Development Fund this month for providing long-term and low-cost financial support for indigenous ship-building and other blue water infrastructure projects.The focus of the new entity will be to promote manufacturing of ships of all sizes and types. The government will hold a minority stake of at least 26% in the entity and the rest will be owned by multilateral financial institutions and global funds.