New Delhi has come out with a 10-year, $600m package aimed at boosting the nation’s shipbuilding and ship repair capabilities as part of the ‘Made in India’ initiative.
The policy includes a right of first refusal for Indian shipyards for government purchases; tax incentives and a grant of infrastructure status for the shipbuilding and ship repair industry.
“The policy for the grant of financial assistance to shipyards, after delivery of ship, to counter cost disadvantages at 20% of the contract price or the fair price, whichever is lower; such assistance is to be reduced at 3% every three years and will be given for all types of ships,” the shipping ministry said in a statement.
