The ministry of waterways announced on Sunday that Cochin Shipyard Limited (CSL) has committed to an initial amount of Rs 50 crore in start-ups in the maritime sector.

The announcement was made by Union minister of ports, shipping and waterways, Sarbananda Sonowal, who unveiled the start-up engagement framework of CSL during the inauguration of the golden jubilee celebrations of CSL.

The framework is aimed at augmenting the government’s initiatives to develop an ecosystem in the country to support the start-ups in the maritime sector from technical, regulatory, financial and marketing angles by bringing together stakeholders.

It will likely provide a platform for the young and talented entrepreneurs to develop the products or services in the maritime sector with support from CSL, reported ANI.

Sonowal inaugurated the golden jubilee celebrations of the shipyard organized in Kochi. CSL was felicitated for its achievements over the last five decades, which included constructing India’s first aircraft carrier, taking the nation to an elite group of countries in the world.

The Union minister also praised the initiatives of CSL on new technology and green solutions. He said, “The Government of India is keenly focused on the development of the Start-Up ecosystem in the country. Many major initiatives, like "Start-Up India" etc. have facilitated the growth of numerous start-ups in the country.”

Sonowal added, “With a view towards the development of start-ups in the maritime domain, the Ministry of Ports, Shipping, and Waterways (PSW) is working on a Start-up Engagement Framework, which will be promulgated shortly.”

The waterways minister also said that he is extremely pleased to announce the start-up engagement framework of the Cochin Shipyard today.

The function was also attended by minister of state for the ports and shipping ministry, Shantanu Thakur, and minister of state for parliamentary affairs of India, V Muraleedharan.