Each of the boats, that cost around Rs 80 lakh, will have a maximum eligible subsidy of Rs 56 lakh on a combined basis from the Government of India and the Government of Tamilnadu, a release stated.
Banks will provide 20 per cent finance (approximately Rs 16 lakh) and the ultimate beneficiaries, being the fishermen community, have to find only 10 per cent of the cost to own and put the vessels into operation by early February 2019.
The Blue Revolution Scheme is a project launched by the Government of India with the avowed objectives, inter alia, of updating and modernising the vessel and equipment of the fishermen community across all coastal States of India.
An outlay of about Rs 4,000 crore has been earmarked for the project. However, it is only Tamilnadu which has evinced a keen interest in taking the project under the heavy subsidy scheme forward for the benefit of its fishermen community.
Master Shipyard, incorporated in 2004 as a corporate entity at Kochi, has already built around 25 boats and barges having capacities up to 3,500 DWT per unit. The company is also into maintenance, repairs and overhauling of small and medium-sized vessels calling at the ports of Kerala and those that transit through inland waterways particularly NW-3.