Shipbuilding orders totaling Rs 68 billion received in the last four years

As per data available in the Shipbuilding Financial Assistance Policy (SBFAP) scheme, about 88 vessel orders have been procured by 31 shipyards from domestic and export orders, worth Rs 68 billion during the last 4 years. The Ministry of Ports, Shipping and Waterways introduced the SBFAP scheme for Indian shipyards to procure orders from domestic and international markets. The scheme provides financial support to Indian Shipyards for shipbuilding contracts signed between April 1, 2016 and March 31, 2026 with decreasing rate of financial assistance from 20 per cent in 2016 to 11 per cent in 2026. The SBFAP guidelines have been amended to include wind farm installation vessels and construction of sophisticated dredgers as specialised vessels which are eligible to get higher financial assistance. Moreover, the guidelines include financial assistance of 30 per cent for vessels where main propulsion is achieved using green fuels such as methanol/ammonia/hydrogen fuel cells and financial assistance of 20 per cent for vessels with electric means of propulsion or vessels fitted with hybrid propulsion system.