New Delhi, Sept. 24 -- India is setting sail on its biggest maritime bet yet, with the Union cabinet on Wednesday unveiling an incentive package of Rs.69,725 crore or about $8 billion for the shipping and ports industry.

The move seeks to turbocharge infrastructure that would attract investments in shipbuilding, repairs and breaking, while also promoting domestic ship ownership and enhancing port infrastructure. Along the way, the government hopes to add millions of jobs and anchor India firmly in global shipping lanes.

The broader goal is to catapult India from its current 16th rank in global shipbuilding into the top 10 by 2030-and the top five by 2047.

Briefing mediapersons after the cabinet meeting, Union information and broadcasti...