The Cabinet Committee on Economic Affairs (CCEA) has given its approval for construction of a new dry dock within the existing premises of Cochin Shipyard Limited (CSL).
The new dry dock will be set up at an estimated cost of 1799 crore rupees with an objective to augment the shipbuilding and repair capacity of the country.
- This big sized dry dock at CSL seeks to tap the market potential of building specialized and technologically advanced large vessels.
- It is also considered as a critical requirement for promotion of ship building in the country and is a step in the direction of Make in India initiative.
- The project proposal would generate employment within the country as the ship building and ship repair industry is a labour intensive industry.
- It will have a multiplier effect on employment generation and help in the process of nation-building in terms of socio-economic development and growth of manufacturing sector.