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.