Cabinet approves Rs 10,000-crore container manufacturing scheme, Rs 1,856-cr sports goods scheme

The Union Cabinet on Wednesday approved the Container Manufacturing Promotion Scheme with a total outlay of Rs 10,000 crore over 13 years, up to FY40, to strengthen India's domestic container manufacturing base. It also approved a sports goods manufacturing scheme worth Rs 1,856 crore.The container manufacturing scheme has four components: interest subvention assistance, testing and certification assistance, land leasing support and operational expenditure assistance. Under the interest subvention assistance component, Rs 859 crore has been earmarked to provide a 3% annual interest subvention on term loans for capital expenditure. “Steel manufacturers will be nudges to create container-grade steel. With this scheme India will become container manufacturing hub,” Union Minister Ashwini Vaishnaw said.