Centre to fund nearly 30% of national green shipping ventures
PORTS & SHIPPING

Centre to fund nearly 30% of national green shipping ventures

In a bid to expedite the green transition of Indian shipping, the Ministry of Ports, Shipping, and Waterways (MoPSW) announced that it planned to contribute approximately one-third of the financial backing for green shipping projects in the country.

According to the shipbuilding scheme initiated by the government, the ministry currently provides 20 percent of the funds for all vessels constructed by the industry, with a yearly reduction of 3 percent. However, in a move to encourage the development of vessels powered by alternative fuels, the ministry intends to increase its financial support to 30 percent of the project cost for green shipping.

The ministry stated, "The main objective is to inform the shipbuilding industry about the prioritisation of green ships."

As the announcement is recent, we only have a general idea of the policy. They are yet to finalise the complete policy, including aspects such as yearly reduction and the types of fuels covered.

At present, the green funding policy would solely apply to vessels and not encompass associated infrastructure.

It remains uncertain whether a new fund will be established for this scheme or if the ministry will utilise the remaining funds from the existing Rs 40 billion shipbuilding assistance scheme.

This decision was made during MoPSW's annual chintan shivir, presided over by Union Minister Sarbananda Sonowal. With this initiative, the ministry aspires to kick-start India's shipbuilding industry.

Also read:
Machilipatnam port to be revived after 200 years
JSW Infra to boost container capacity at New Mangalore Port


In a bid to expedite the green transition of Indian shipping, the Ministry of Ports, Shipping, and Waterways (MoPSW) announced that it planned to contribute approximately one-third of the financial backing for green shipping projects in the country. According to the shipbuilding scheme initiated by the government, the ministry currently provides 20 percent of the funds for all vessels constructed by the industry, with a yearly reduction of 3 percent. However, in a move to encourage the development of vessels powered by alternative fuels, the ministry intends to increase its financial support to 30 percent of the project cost for green shipping. The ministry stated, The main objective is to inform the shipbuilding industry about the prioritisation of green ships. As the announcement is recent, we only have a general idea of the policy. They are yet to finalise the complete policy, including aspects such as yearly reduction and the types of fuels covered. At present, the green funding policy would solely apply to vessels and not encompass associated infrastructure. It remains uncertain whether a new fund will be established for this scheme or if the ministry will utilise the remaining funds from the existing Rs 40 billion shipbuilding assistance scheme. This decision was made during MoPSW's annual chintan shivir, presided over by Union Minister Sarbananda Sonowal. With this initiative, the ministry aspires to kick-start India's shipbuilding industry. Also read: Machilipatnam port to be revived after 200 years JSW Infra to boost container capacity at New Mangalore Port

Next Story
Real Estate

Varun Malik Joins ANAROCK as MD, Head of Capital Markets, APAC

ANAROCK Capital has appointed Varun Malik as Managing Director, Head of Capital Markets (APAC), marking a strategic move to expand its presence across Asia-Pacific. Based in Singapore, Malik will drive ANAROCK’s capital markets initiatives in the region.A real estate finance veteran, Malik brings over 18 years of experience in structuring complex cross-border transactions across South-East Asia and Australia. He has led debt and equity deals for REITs, fund managers, and developers, delivering strong returns and driving investor value.“We will redefine real estate capital solutions across ..

Next Story
Real Estate

Patra Chawl lottery held, 663 families allotted homes

Mumbai's Siddharth Nagar (Patra Chawl) Co-operative Housing Society members in Goregaon (West) saw their 15-year wait come to a close as MHADA conducted a successful computerised lottery for 663 eligible members under its redevelopment scheme.The Mumbai Housing and Area Development Board conducted the draw using the RAT (Randomised Allotment of Tenement) system at Sardar Vallabhbhai Patel Hall. The lottery, overseen by Mr. Milind Borikar, Chief Officer of Mumbai Board, ensured transparency by digitally allotting each member a building, wing, and floor.The project, located on Plot R-9, received..

Next Story
Infrastructure Transport

BLR Airport crosses 41 million passengers, 500,000 MT cargo

Kempegowda International Airport, Bengaluru (BLR Airport), has recorded key operational milestones in FY 2024-25, crossing 41.88 million passengers and handling 502,480 metric tonnes of cargo. This marks a year-on-year passenger growth of 11.6 per cent and a 14 per cent rise in cargo volumes.Domestic footfall reached 36.05 million, up 10 per cent, while international traffic saw a robust 25 per cent jump to 5.83 million, aided by Indigo’s global expansion and added frequencies by international carriers. BLR Airport now connects to 76 domestic and 33 international destinations, with Hanoi set..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?