Cochin Shipyard to invest Rs 50 cr in Maritime sector, announces Union Minister Sarbananda Sonowal

Kochi (Kerala) [India], May 1 (ANI): The Union Minister for Ports, Shipping, and Waterways Sarbananda Sonowal, on Sunday, announced that Cochin Shipyard Limited has committed to invest an initial corpus of Rs 50 crore in the Start-up companies engaged in the maritime sector.
The Minister also unveiled the Start-up engagement framework of Cochin Shipyard Limited on the occasion of the inauguration of the Golden Jubilee celebrations of Cochin Shipyard Limited (CSL).
The start-up framework is envisaged to augment the Government of India's initiatives to develop an ecosystem in India for supporting the Maritime Start-ups from technical, regulatory, financial, and marketing points of view by bringing the stakeholders together.
The framework is likely to provide a platform for the young and talented entrepreneurs to develop the products/services in the marine space with financial support provided by Cochin Shipyard Limited.
Sonowal also inaugurated the Golden Jubilee Celebration of Cochin Shipyard Ltd, organised at the CSL Kochi. He felicitated CSL for its achievements over the last five decades, including the construction of the country's first Aircraft carrier, which propelled India into the elite group of nations in the world. CSL's initiatives on new technology and green solutions were also praised by the Minister.
"The Government of India is keenly focused on the development of the Start-Up ecosystem in the country. Many major initiatives, like "Start-Up India" etc. have facilitated the growth of numerous start-ups in the country," said Sonowal.
"With a view towards the development of start-ups in the maritime domain, the Ministry of Ports, Shipping, and Waterways (PSW) is working on a Start-up Engagement Framework, which will be promulgated shortly," he added.
The Minister, further stated that he is extremely pleased to announce the promulgation of the Start-Up Engagement Framework of Cochin Shipyard today, with an initial corpus of Rs.50 crores.
Apart from the Minister of PSW Shantanu Thakur, Minister of State for PSW, V Muraleedharan, and the Minister for State for External Affairs and Parliamentary Affairs also attended the function. (ANI)