Cabinet approves Rs 10,000 crore container manufacturing scheme
The scheme aims to cut import dependence and create 3,000 direct jobs as India expands container output to 7.5 lakh TEUs.
- On Wednesday, the Union Cabinet, chaired by Prime Minister Narendra Modi, approved the Container Manufacturing Promotion Scheme with a Rs 10,000 crore budgetary outlay, aiming to increase India's annual container manufacturing capacity tenfold to 750,000 TEUs by FY 2039-40.
- Union Minister Ashwini Vaishnaw noted that 95% of global container production occurs in a single country, forcing India to import nearly 2 million empty containers annually to meet domestic trade demands.
- The scheme allocates Rs 8,891 crore for Operational Expenditure Assistance to help manufacturers remain cost-competitive, Rs 859 crore for Interest Subvention Assistance providing 3% annual interest subsidies, and Rs 150 crore for testing and certification facilities.
- Government projections indicate the initiative will generate around 3,000 direct jobs and more than 50,000 indirect positions across container manufacturing and allied industries, positioning India as a competitive global export hub.
- Participating manufacturers must increase local content from 70% to 90% by FY 2032-33, with the program extending until FY 2039-40 to help domestic producers overcome cost disadvantages against established international rivals.
14 Articles
14 Articles
Cabinet approves Rs 10,000 crore container manufacturing scheme, expected to create over 53,000 jobs - The Tribune
The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved the Container Manufacturing Promotion Scheme (CMPS) with a budgetary outlay of Rs 10,000 crore up to FY 2039-40, aimed at increasing India's annual container manufacturing capacity by nearly ten-fold to 7.5 lakh twenty-foot equivalent units (TEUs).
aninews.in
LatestlyCabinet approves Rs 10,000 crore container manufacturing scheme, expected to create over 53,000 jobs
The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved the Container Manufacturing Promotion Scheme (CMPS) with a budgetary outlay of Rs 10,000 crore up to FY 2039-40, aimed at increasing India's annual container manufacturing capacity by nearly ten-fold to 7.5 lakh twenty-foot equivalent units (TEUs).
Cabinet approves Rs 10,000-crore container manufacturing scheme, Rs 1,856-crore sports goods scheme
The container manufacturing scheme has four components: interest subvention assistance, testing and certification assistance, land leasing support and operational expenditure assistance.
India Approves $1.05B Plan to Boost Shipping Container Production
India has approved a $1.05 billion (100 billion rupee) scheme aimed at increasing domestic shipping container manufacturing capacity around tenfold to 750,000 TEUs annually, as the country seeks to reduce import dependence and strengthen its…
Cabinet approves Rs 10,000 crore container manufacturing scheme
The Indian government has approved a Container Manufacturing Assistance Scheme with a total budget of Rs 10,000 crore. This scheme aims to build domestic manufacturing capabilities and reduce reliance on container imports. It will promote facilities, testing, and skills development in the container manufacturing sector. The scheme is expected to create thousands of jobs and enhance competitiveness against global producers.
Coverage Details
Bias Distribution
- 75% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
