02/09/2024 | Press release | Distributed by Public on 02/09/2024 02:18
The Shipbuilding Financial Assistance Policy (SBFAP) scheme offers financial assistance to Indian Shipyards for shipbuilding contracts signed between April 1, 2016 to March 31, 2026 with rate of financial assistance starting from 20% in 2016 anddiminishingto11%in2026.TheSBFAPguidelinesareissuedbytheMoPSWfor the stakeholder's information.
The SBFAP scheme has already considered the local transport Ferry which can be usedtocarrycommonpeopleacrossriversortoanyislandothervesselswhichadopt the modern technology. These 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 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.
This information was given by the Union Minister for Ports, Shipping and Waterways, Shri SarbanandaSonowal in a written reply to the Lok Sabha today.