New Delhi [India], September 23 : In a major boost to Tamil Nadu's industrial landscape, two Central Government Public Sector Undertakings (PSUs) Cochin Shipyard Ltd and Mazagon Dock Shipbuilders Ltd are set to invest a combined Rs 30,000 crore to establish state-of-the-art Greenfield commercial shipyards in the state.
BJP leader Amit Malviya shared this on social media post X, it said MoUs will generate 55,000 jobs and mark Tamil Nadu's significant rise as a global hub for shipbuilding and maritime innovation.
"Cochin Shipyard Ltd: Rs 15,000 crore investment | 10,000 jobs (4,000 direct, 6,000 indirect) in Phase 1. Mazagon Dock Shipbuilders Ltd: Rs 15,000 crore investment | 45,000 jobs (5,000 direct, 40,000 indirect)," BJP leader added in the post, sharing the details of the development.
"Together, these two Ultra Mega MoUs will generate 55,000 jobs and mark Tamil Nadu's rise as a global hub for shipbuilding and maritime innovation. This is not just investment it's a wave of growth, sustainability, and opportunity for the future. Thank you, Prime Minister Narendra Modi, for your vision and unwavering support for Tamil Nadu's progress," the X post added.
Prime Minister Narendra Modi on September 20 also inaugurated and laid foundation stone of development works worth over Rs 34,200 crore in Bhavnagar, Gujarat.
Citing India's shipping sector as a major example of the damage caused by flawed policies, Modi remarked that India was historically a leading maritime power and one of the world's largest shipbuilding hubs.
Ships built in India's coastal states once powered domestic and global trade. Even fifty years ago, India used domestically built ships, with over 40 per cent of import-export conducted through them.
The Prime Minister had criticised the current opposition party, stating that the shipping sector later fell victim to their misguided policies, and instead of strengthening domestic shipbuilding, they preferred paying freight to foreign vessels. This, he said led to the collapse of India's shipbuilding ecosystem and forced dependence on foreign ships. As a result, the share of Indian ships in trade dropped from 40 per cent to just 5 per cent.
The Prime Minister emphasised that currently, 95 per cent of India's trade relies on foreign shipsa dependency that has caused significant loss to the nation.
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