The Ministry of Ports, Shipping and Waterways in India has introduced additional incentives to boost the development of fuel-efficient and technologically advanced vessels in the country's shipbuilding industry. In August 2023, the Shipbuilding financial assistance policy was amended to provide a flat 30% financial assistance for vessels powered by green fuels such as Methanol, Ammonia, and Hydrogen fuel cells. This move aims to promote sustainability and environmental consciousness in the maritime sector. The government's goal, as outlined in the Maritime AmritKaal Vision (MAKV 2047), is for India to be among the top 5 countries in commercial shipbuilding by 2047. To support this vision and the 'Make in India' policy, the Ministry has implemented the Shipbuilding Financial Assistance Policy (SBFAP) scheme. This scheme offers financial aid to Indian shipyards for contracts signed between 2016 and 2026, with the rate of financial assistance decreasing gradually from 20% in 2016 to 11% in 2026. This initiative has already seen 45 shipyards registering, with 19 of them utilizing the scheme and receiving Rs. 385.16 crore for the construction and delivery of 144 vessels. The announcement was made by the Union Minister of Ports, Shipping & Waterways, Shri Sarbananda Sonowal, in a recent written reply in the Lok Sabha. The focus on green fuels like Hydrogen showcases a positive step towards sustainable practices in the shipbuilding industry, aligning with global efforts to reduce carbon emissions and promote a cleaner environment.