The Ministry of Ports, Shipping, and Waterways (MoPSW) on February 09, 2024, issued a notification regarding the Shipbuilding Financial Assistance Policy (SBFAP).
The following has been stated: -
•The Shipbuilding Financial Assistance Policy (SBFAP) scheme offers financial assistance to Indian Shipyards for shipbuilding contracts signed between April 01, 2016, to March 31, 2026, with the rate of financial assistance starting from 20% in 2016 and diminishing to 11% in 2026.
•The modern technology vessels such as Hybrid vessels of length more than 12 meters and Green fuelled vessels without any length restrictions should comply with the guidelines of the SBFAP scheme to avail the financial assistance.
•The modern technology vessels are provided with a financial assistance of 30% for vessels where main propulsion is achieved by means of green fuels such as Methanol/ Ammonia / Hydrogen fuel cells and a financial assistance of 20% is provided for vessels with electric means of propulsion or vessels fitted with hybrid propulsion system.
The detailed notification is given in the document attached below.
[Release ID: 2004342]
