Shipbuilding scheme guidelines notified

TWO INITIATIVES HAVE TOTAL OUTLAY OF OVER ₹44,700 CRORE

- PRESS TRUST OF INDIA

THE MINISTRY OF ports, shipping and waterways has notified guidelines for two major shipbuilding initiatives with a total outlay of over ₹44,700 crore.

The two initiatives - the Shipbuilding Financial Assistance Scheme (SBFAS) and the Shipbuilding Development Scheme (SBDS) are aimed at strengthening the country's domestic shipbuilding capacity and improving global competitiveness, according to an official statement. Under SBFAS, which has a corpus of ₹24,736 crore, the government will provide financial assistance of 15-25% per vessel, depending on the vessel category. The SBDS, with a budgetary outlay of ₹19,989 crore, focuses on long-term capacity and capability creation.

Union Minister of Ports, Shipping and Waterways Sarbananda Sonowal said that these guidelines create a stable and transparent framework that will revive domestic shipbuilding, boosting forward and backward linkages, the official statement said.