New Delhi, Oct. 28 -- 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).

According to an official release, the scheme aims to establish a globally competitive container manufacturing ecosystem in India, reduce import dependence and strengthen supply-chain resilience. It will support the establishment of new manufacturing facilities and expansion of existing container manufacturing units.

Addressing a press conference following the Cabinet meeting, Union Minister...