New Delhi to provide local yards with financial assistance

New Delhi to provide local yards with financial assistance

Indian shipyards will be able to access up to $5.9m in state aid to build ships, according to new regulations from the shipping ministry which follow on from last December’s shipbuilding financial assistance policy promoted by the government.

The aid will be available for a 10-year period starting this year.

The financial assistance is stipulated for standard ships – bulkers, OSVs, boxships, etc. Guidance on more specialised ships such as LNG, LPG, FPSOs, is expected to be released soon.

The Narendra Modi government has been backing a ‘Made in India’ campaign, determined to improve manufacturing capabilities on home soil.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

Related Posts