Cabinet approves construction of New Dry Dock of Cochin Shipyard Limited

New Delhi, July 20 (ANI): The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi on Wednesday gave its approval for construction of a new dry dock within the existing premises of Cochin Shipyard Limited (CSL) at an estimated cost of Rs.1799 crore to augment the shipbuilding / repair capacity of the country. The objective is to augment the shipbuilding/ ship repair capacity essentially required to tap the market potential of building specialized and technologically advanced large vessels such as Liquefied Natural Gas (LNG) vessels, Indigenous Aircraft Carriers of higher capacity, Jack up Rigs, Drill ships, large Dredgers and repairing of offshore platforms and larger vessels. This big sized dry dock is a critical requirement of CSL to promote ship building and is a step in the direction of "Make in India" initiative of the government. There would be no financial outgo from the government on account of the construction of new dry dock as the expenditure of Rs.1799 crore will be funded through Internal and Extra Budgetary resources (IEBR) of CSL and the funding requirements are fully tied up. The project proposal would generate employment within the country. It may be noted that ship building and ship repair is a labour intensive industry, having a multiplier effect on employment generation and thereby help in the process of nation-building by way of socio-economic development and growth of manufacturing sector in the country. Apart from direct employment of 300 personnel, about 2000 personnel would be indirectly employed when the project becomes fully operational. (ANI)