+971 4 8831 303 info@cssdubai.com

Lighthouse - January, 2016.

Government Supports Financial Assistance for ‘Make in India’ Ship Building

In order to promote the shipbuilding industry under the ‘Make in India’ initiative, the Cabinet approved a proposal for financial assistance of 20 per cent for ships built in the country.

The implementation of the policy, which would be in force for 10 years, requires a budgetary support of Rs 4,000 crore. “It includes a policy for grant of financial assistance to shipyards, after delivery of ship, to counter cost disadvantages at 20 per cent of the contract price or the fair price, whichever is lower; such assistance is to be reduced at 3 per cent every three years and will be given for all types of ships,” the official statement said. The proposal also includes grant of a Right of First Refusal for Indian shipyards for government purchases; tax incentives and grant of infrastructure status for shipbuilding and ship repair industry.

Subscribe to our bi-monthly newsletter, Lighthouse

ecpo-2020
© 2018 Lighthouse. All rights reserved. Designed and maintained by NetVenture Digital Solutions Pvt. Ltd.