India’s Maritime Industry Strengthens with Financial Assistance and Development Fund

The Union Budget’s revamped Ship Building Financial Assistance Policy and the ₹25,000 crore Maritime Development Fund have passed the Expenditure Finance Committee review, awaiting Cabinet approval. Finance Minister Nirmala Sitharaman announced the fund to enhance competitiveness in the maritime industry, including significant government contributions and updated shipbuilding assistance schemes.

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Indian Government’s Budget Plan for Maritime Development and Green Ship Scheme

Indian government is set to unveil a maritime development fund to support shipbuilding firms in the upcoming Budget, aiming to boost the industry’s self-reliance. The proposed fund, estimated at Rs 15,000-20,000 crore over seven years, will provide affordable loans to shipbuilders. Additionally, a green ship scheme promoting hydrogen-based vessels to reduce pollution is also expected to be announced.

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