India Launches ₹44,700 Crore Shipbuilding Scheme to Boost Domestic Capacity
India's Ministry of Ports, Shipping, and Waterways has announced two shipbuilding programs totaling ₹44,700 crore, aimed at enhancing domestic shipbuilding capacity and global competitiveness. The Shipbuilding Financial Assistance Scheme allocates ₹24,736 crore, offering 15-25% financial assistance per ship, while the Shipbuilding Development Scheme focuses on capacity building with a budget of ₹19,989 crore, supporting greenfield clusters and upgrades to brownfield shipyards, both valid until FY36.
Key beneficiaries are Mazagon Dock, with a current order book of ₹27,415 crore and projects exceeding ₹3 lakh crore, Garden Reach Shipbuilders and Engineers (GRSE), targeting naval contracts worth ₹1.8 lakh crore, and Cochin Shipyard, which has an order backlog of ₹21,100 crore and a defense pipeline valued at ₹2.2 lakh crore. All three companies are adapting to market demands and investing in green technologies.
