Union Cabinet approves ₹10,000 crore container manufacturing scheme, targets 53,000 jobs
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- ✓The Union Cabinet on Wednesday approved the ₹10,000 crore Container Manufacturing Promotion Scheme to boost local production.
- ✓The plan targets 53,000 jobs and aims to increase annual capacity to 7.5 lakh TEUs.
- ✓Ashwini Vaishnaw said, "Shipping lines have been requesting that another country emerge and establish a strong position."
Story at a Glance
- Category
- MARKET
- Reported By
- cnbctv18
- Reading Speed
- 2 Minute(s)
- Market Focus
- India Economy
The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved the Container Manufacturing Promotion Scheme (CMPS) with a budgetary outlay of ₹10,000 crore through the financial year 2039-40. The scheme aims to increase India's annual container manufacturing capacity nearly tenfold to 7.5 lakh twenty-foot equivalent units (TEUs), reduce import dependence and create more than 53,000 jobs.
The initiative is designed to establish a globally competitive container manufacturing ecosystem in India by supporting new manufacturing facilities and the expansion of existing units. Union Minister Ashwini Vaishnaw said that container production was heavily concentrated in a single country, with around 95% of global manufacturing taking place there, making diversification an important priority for the shipping industry.
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