India Launches ₹44,700 Crore Shipbuilding Scheme to Boost Domestic Capacity
India's Ministry of Ports, Shipping, and Waterways has launched two shipbuilding programs totaling ₹44,700 crore to enhance domestic shipbuilding capacity and competitiveness. The initiatives include the Shipbuilding Financial Assistance Scheme, providing 15-25% financial aid per ship, and the Shipbuilding Development Scheme, which focuses on capacity building and green technologies. Key beneficiaries include Mazagon Dock, Garden Reach Shipbuilders and Engineers, and Cochin Shipyard, all of which are adapting to market demands and investing in sustainable practices.
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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.
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