MoPSW highlights ₹24,736 Crore boost for Shipbuilding and Recycling Ecosystem

NEW DELHI : The Union Cabinet chaired by Prime Minister Shri Narendra Modi has recently approved a ₹24,736 crore package for FY 2026–36 under the Shipbuilding Financial Assistance Scheme (SBFAS) and National Shipbuilding Mission (NSbM), informs a communique from Ministry of Ports, Shipping & Waterways.

The package includes ₹20,554 crore for shipbuilding assistance, ₹4,001 crore for ship breaking credit notes, and ₹181 crore for the mission, aimed at incentivising shipbuilding projects worth nearly ₹96,000 crore.

The scheme will boost India’s shipbuilding capabilities, promote a circular economy through ship breaking and recycling, generate employment, and strengthen the country’s position as a global maritime hub.