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Economy News

The Economic Times

Economy / The Economic Times

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Defence Ministry inks Rs 53,886 crore deals for new indigenous warships

The Defence Ministry signed contracts worth 53,866.50 crore for constructing next-generation corvettes with public shipyards. Garden Reach Shipbuilders & Engineers Limited will build five corvettes while Goa Shipyard Limited will construct three. The ships are designed for multi-domain warfare, including anti-surface and anti-submarine operations. This project is expected to create significant employment opportunities in shipyards and ancillary industries over the next decade.

3 Nov 2026 12:00 am