New shipbuilding scheme in the works; will incentivise Indian shipyards till 2035

Ministry of Ports, Shipping and Waterways (MoPSW) is working on a new shipbuilding scheme, which would incentivise Indian shipyards till 2035 by various measures, a senior government official has said. Ports, Shipping and Waterways Secretary T K Ramachandran further said with the new policy, India will endeavour to be among the top 10 shipbuilding nations by 2030 and the top five by 2047, from 22nd in the world at present.

"Yes, this ministry is working on a new shipbuilding scheme, which would incentivise Indian shipyards till 2035 by various measures," he told PTI.

Ramachandran also said global cruise major MSC Cruises, based out of Geneva, has expressed willingness to deploy their ships for domestic itinerary.

He said MoPSW in coordination with Ministry of Petroleum and Natural Gas is planning to have a JV between Shipping Corporation of India (SCI) and oil marketing companies to own large tankers.

"The model of ownership is still to be decided depending upon demand requirement and market conditions," he added.

Responding to a question on the government's plan for green shipping, Ramachandran said the ministry will provide 30 per cent financial assistance for vessels where main propulsion is achieved by means of green fuels such as methanol/ ammonia / hydrogen fuel cells etc.

The ministry will also provide 20 per cent financial assistance for vessels fitted with fully electric or hybrid propulsion system, he added.