India will provide additional incentives to encourage domestic shipyards to develop fuel-efficient and technologically advanced vessels as part of its ambitious plans to transform the country's shipping industry.
The ports, shipping, and waterways ministry is finalizing a cabinet note to provide a 25% subsidy for specialized vessels, and up to 30% for green vessels and other highly specialized ships, according to two persons aware of the matter.
These subsidies will be provided under the government's ₹18,000 crore shipbuilding financial assistance policy (SBFAP) 2.0, they said.
This policy will replace SBFAP 1.0, which was launched in 2016 for a 10-year period to incentivize shipbuilding.
Under SBFAP 1.0, financial assistance provided to Indian shipyards for shipbuilding contracts was slashed from 20% in 2016 to 11%.
The shipping ministry has defined green vessels as those run on biofuels, methanol, ethanol or electricity.
Highly specialized ships such as hydrogen-powered vessels use advanced propulsion technologies that reduce emissions while delivering more power.
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