<h1>Government to build 112 vessels with oil PSUs, aiming to save about USD 350 billion by 2047</h1> A government official announced that 112 vessels will be built through joint ventures with oil public sector units to reduce foreign exchange outflows, projecting savings of about USD 350 billion by 2047 and contributing to an annual target of USD 75 billion saved on freight. The initiative involves the national shipping company aggregating demand and is supported by a Rs 69,725 crore package, extension of shipbuilding financial assistance through 2036, a Rs 25,000 crore Maritime Development Fund, and a Rs 19,989 crore Shipbuilding Development Scheme to boost domestic capacity, financing, and competitiveness.