Cabinet Approves ₹10,000 Cr Container Manufacturing Promotion Scheme (CMPS)

Why in the News?

The Union Cabinet, chaired by Prime Minister **Narendra Modi**, has approved the **'Container Manufacturing Promotion Scheme' (CMPS)** with an outlay of **₹10,000 crore** to establish a globally competitive container manufacturing ecosystem in India and reduce import dependency.

Key Features / Major Points:

- Implementation Timeline: The scheme will run from **FY 2027–28 to FY 2039–40**, providing a 3-year window for setting up manufacturing units and 10 years of production support.

- Target Capacity: Aims to scale up India's annual container manufacturing capacity nearly tenfold—from approximately 70,000 TEUs to **7.5 lakh TEUs**.

- Financial Outlay Components:

- **Interest Subvention Support (₹859 crore):** 3% annual interest subsidy on eligible term loans for setting up new plants or expanding existing ones.

- **Operating Expense Support (₹8,891 crore):** Production-linked support to bridge cost differentials, requiring domestic content to scale from 70% to 90%.

- **Testing & Certification (₹150 crore):** Developing shared testing facilities like dynamic longitudinal impact testing.

- **Scheme Management (₹100 crore):** Administration and monitoring.

- **Land Allotment:** Land at major ports will be made available on lease at 25% of notified rates.

- Employment & Economic Impact: Expected to generate about 3,000 direct and 50,000+ indirect jobs, fostering ancillary industries like steel, wood framing, and specialized coatings.

Static GK Facts:

- Union Minister of Ports, Shipping and Waterways: **Sarbananda Sonowal**.

- Maritime Amrit Kaal Vision 2047: Projections estimate Indian container traffic to surge from 2.4 crore TEUs in 2024 to **17.5 crore TEUs by 2047**.

- Key Upcoming Mega Ports: Vadhavan (Maharashtra) and Galathea Bay (Andaman and Nicobar Islands).

One-Liner Quiz (All Competitive Exams):

Q: What is the total financial outlay approved for the Container Manufacturing Promotion Scheme (CMPS)?

A: ₹10,000 Crore

Q: What is the targeted annual container manufacturing capacity under the CMPS scheme?

A: 7.5 Lakh TEUs

Q: Who is the current Union Minister of Ports, Shipping and Waterways?

A: Sarbananda Sonowal

Q: By which year does the Maritime Amrit Kaal Vision target reaching 17.5 crore TEUs of container traffic?

A: 2047

#ContainerManufacturing #CMPS #MakeInIndia #SarbanandaSonowal #CabinetApproval #CurrentAffairs #StaticGK