The Indian government is gearing up to bolster the country's shipbuilding industry by potentially introducing a maritime development fund and a green ship scheme in Budget 2024. The maritime development fund, with an anticipated corpus of Rs 15,000 crore to Rs 20,000 crore over seven years, aims to boost self-reliance in the shipping sector by offering cost-effective loans to shipbuilding companies. This move comes as India currently holds a mere 2 percent share in the global shipbuilding industry, spending over $70 billion annually on leasing. The proposal for the fund has been forwarded to the finance ministry for consideration. Furthermore, the green ship scheme, part of the upcoming Budget, seeks to encourage the adoption of pollution-free hydrogen-based vessels on domestic waterways. Notably, major shipbuilding entities such as Mazagaon Dock Shipbuilders, Cochin Shipyard, and Garden Reach Shipbuilders & Engineers experienced a surge in their stock prices post the news announcement. Cochin Shipyard has already initiated the production of green ships to replace traditional oil-consuming ships on Indian rivers. The government's initiative is expected to drive economic growth in the shipbuilding industry and reduce the environmental impact of shipping operations through the promotion of clean energy solutions. The Budget 2024 could mark a significant step towards enhancing India's presence in the global shipbuilding market while ensuring a sustainable and eco-friendly approach to maritime transportation.