India is set to revitalize its shipbuilding industry by introducing additional incentives to spur the development of fuel-efficient and advanced vessels. The ports, shipping, and waterways ministry in New Delhi is working on a new cabinet note that will provide substantial subsidies for specialized and green vessels. Green vessels, including those using biofuels, methanol, ethanol, or electricity, will be eligible for up to 30% subsidy under the ₹18,000 crore shipbuilding financial assistance policy (SBFAP) 2.0. This new policy, which will replace the previous SBFAP 1.0, aims to boost India's share in the global shipbuilding market and enhance the country's blue economy initiatives. The subsidies will be based on the contracted price of the vessel and are designed to support Indian shipyards in producing technologically advanced ships, such as hydrogen-powered vessels, which reduce emissions and increase power delivery. The government aims to maintain financial assistance until 2034 to assist domestic shipbuilders in achieving the target of controlling 5% of global tonnage. Experts in the industry see this initiative as a significant step towards not only empowering Indian ship owners but also establishing India as a competitive alternative to traditional shipbuilding destinations like Vietnam, Korea, Japan, and China. By investing in green technology and specialized vessels, India is poised to strengthen its position in the global maritime industry and promote sustainable utilization of ocean resources.