Home > Business > Centre okays Rs1,799-cr new dry dock at Cochin Shipyard

Centre okays Rs1,799-cr new dry dock at Cochin Shipyard

 PTI |  2016-07-21 23:18:33.0  |  New Delhi

To augment the shipbuilding and repair capacity of the country, the government on Wednesday approved construction of a new dry dock at Cochin Shipyard Ltd (CSL) at a cost of Rs 1,799 crore. 

"The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Narendra Modi, has given its approval for construction of a new dry dock within the existing premises of CSL at an estimated cost of Rs 1,799 crore to augment the shipbuilding/ repair capacity of the country," an official statement said.

The objective is to augment the shipbuilding/ ship repair capacity essentially required to tap the market potential of building specialised and technologically advanced large vessels such as Liquefied Natural Gas (LNG) vessels, Indigenous Aircraft Carriers of higher capacity, Jack up Rigs, Drill ships, large Dredgers and repairing of offshore platforms and larger vessels, the statement from the Ministry of Shipping said.

This big sized dry dock is a critical requirement of CSL to promote ship building and is a step in the direction of "Make in India" initiative of the government, it said.

"There would be no financial outgo from the government on account of the construction of new dry dock as the expenditure of Rs 1,799 crore will be funded through Internal and Extra Budgetary resources (IEBR) of CSL and the funding requirements are fully tied up," the statement said. The project proposal would generate employment within the country, it said.

Ship building and ship repair is a labour intensive industry, having a multiplier effect on employment generation and thereby help in the process of nation-building by way of socio-economic development and growth of manufacturing sector in the country, it added. 

... Plans to introduce amendments to Benami Transactions Bill, 2015
In a bid to effectively prohibit benami transactions, the Centre on Wednesday approved a proposal to introduce amendments to the Benami Transactions (Prohibition) (Amendment) Bill, 2015 in Parliament. "The Union Cabinet chaired by Prime Minister Narendra Modi has given its approval for introducing amendments to the Benami Transactions (Prohibition) (Amendment) Bill, 2015 in Parliament," a statement said. 

According to the statement, the amendments aim to strengthen the Bill in terms of legal and administrative procedure so as to overcome the practical difficulties which may arise in the implementation of its provisions when it becomes an Act. The legislation is also intended to effectively prohibit benami transactions and consequently prevent circumvention of law through unfair practices.

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