New Delhi, Oct 28 Prime Minister Narendra Modi on Wednesday hailed the Union Cabinet’s approval of the Container Manufacturing Promotion Scheme and said that it will give a major boost to India’s maritime and logistics sector.
The Union Cabinet approved the Container Manufacturing Promotion Scheme (CMPS) with a budgetary outlay of Rs 10,000 crore up to FY40 to promote a globally competitive container manufacturing ecosystem in India.
“A major boost to India’s maritime and logistics sector! The Cabinet has approved the Container Manufacturing Promotion Scheme,” Modi said in a post on ‘X’.
The prime minister said the key benefits of the scheme include: 10-fold increase in domestic capacity to 7.5 lakh TEUs annually, financial support for new and existing manufacturers.
Besides, he said, the scheme will help production of globally competitive, quality-certified containers and reduce the import dependence and ensure stronger supply chains.
(PTI News)
