India, Dec. 28 -- India has launched two significant shipbuilding initiatives totaling Rs 44,700 crore, aimed at enhancing domestic capacity and global competitiveness.

The Shipbuilding Financial Assistance Scheme (SBFAS) allocates Rs 24,736 crore, offering financial support of 15-25% per vessel based on category, anticipating around Rs 96,000 crore in shipbuilding projects over the next decade.

The Shipbuilding Development Scheme (SbDS), with Rs 19,989 crore, focuses on developing new shipbuilding clusters and modernizing existing facilities, including establishing an India Ship Technology Centre for research and skills development.

Both initiatives are expected to significantly boost the maritime industry, with the potential to incre...