India launches a ₹69.72 cr shipbuilding drive with new grants and credit notes to reach the global top five by 2047.
The Ministry of Ports, Shipping, and Waterways has released official guidelines for a massive 69,725 crore rupee initiative designed to transform the nation into a global maritime powerhouse. The strategy sets ambitious targets to place the country among the top ten ship-owning nations by 2030 and within the top five by 2047.
Under the new framework, finalised on 26 December 2025, the government will provide significant financial aid for vessel construction. Contracts signed between 24 September 2025 and 31 March 2036 are eligible for subsidies, with higher rates of assistance reserved for large and specialised green ships. To ensure project stability, funds will be released across three construction milestones: keel laying, launching, and final delivery.
A novel “Shipbreaking Credit Note” has also been introduced to encourage fleet modernisation. Owners who scrap vessels at approved domestic sites will receive credits worth 40 per cent of the scrap value, which can be redeemed against the cost of building new ships at home.
The plan further includes the development of three to four “plug-and-play” shipbuilding clusters, offering total capital grants for infrastructure. Existing yards can also access up to 1,500 crore rupees for capacity expansion. To maintain accountability, shipyards must adhere to strict delivery timelines or face a requirement to return financial aid with interest.
SOURCE – ET INFRA
