Shipping to get infrastructure status to boost domestic shipbuilding and ownership
1 week, 2 days ago

Shipping to get infrastructure status to boost domestic shipbuilding and ownership

Live Mint  

New Delhi: The government may grant infrastructure status to the shipping industry to help improve India’s position to the top five countries countries globally in shipbuilding and ownership by 2047, two persons aware of the development said. But the shipping industry has not been granted infrastructure status so far, which deprives shippers, who also need long-term funds for capital-intensive vessel buying plans, and support the domestic shipbuilding industry with bigger orders. Better funds access “Infrastructure sector status would allow Indian companies access to long tenure low-cost funds which will help Indian companies acquire and operate more ships, both for coastal and global shipping operations. “It is not just awarding the status, but government should also ensure and direct infrastructure finance companies such as NaBFID or NIIF, to grant access to the Indian shipping industry to such kind of funds.

Infrastructure Industry Indian Shipping Financial Assistance Status Shipbuilding Funds Infrastructure Status  domestic  help  ownership  ships  boost  industry  indian  funds  shipping  shipbuilding  status  sector  infrastructure

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Maritime Bill to Propel India as Ship Recycling Leader
1 month ago

Maritime Bill to Propel India as Ship Recycling Leader

Deccan Chronicle  

The Maritime Shipping Bill can help India surpass Bangladesh and secure the top slot in ship recycling. The weakness seen in Bangladesh’s ship dismantling sector too will support India.One of the key reforms proposed in Merchant Shipping Bill is simplifying vessel registration, including provisions for temporary registration of vessels being recycled. For seafarers, the Bill mandates certifications that comply with …

Shipping industry likely to get ₹25,000-crore boost
1 month, 1 week ago

Shipping industry likely to get ₹25,000-crore boost

Live Mint  

New Delhi: The domestic shipbuilding industry may receive a boost in the forthcoming Union budget, with the central government chalking out a plan for financial support. According to two persons aware of the development, the Centre is finalizing the contours of a ₹25,000-crore maritime development fund that would provide long-term and low-cost financial support for shipbuilding in India, and other …

India’s blue economy ambitions propel fresh incentives for green ships
1 month, 4 weeks ago

India’s blue economy ambitions propel fresh incentives for green ships

Live Mint  

India will provide additional incentives to encourage domestic shipyards to develop fuel-efficient and technologically advanced vessels as part of its ambitious plans to transform the country’s shipping industry. The additional shipbuilding incentives are part of the government’s ambitions to develop India’s blue economy, or the sustainable use of ocean resources, and position the country as a ship-manufacturing hub. “Domestic shipbuilding …

Govt plans incentives, ban on foreign vessels to boost local shipbuilding
2 months, 1 week ago

Govt plans incentives, ban on foreign vessels to boost local shipbuilding

Live Mint  

New Delhi: The government is working on a plan to finance and develop shipbuilding infrastructure in the country on the lines of developed markets such South Korea and Japan to reduce reliance on foreign vessels and increase the country’s share in sea-borne trade. The Union shipping ministry is discussing a policy that will provide viability gap funding —or financial support …

New shipbuilding scheme likely after 2026, with higher incentives
4 months ago

New shipbuilding scheme likely after 2026, with higher incentives

Live Mint  

New Delhi: The Ship Building Financial Assistance Policy that lapses in 2026 is expected to be replaced with a new scheme with expanded incentives for 10 years, two people aware of the matter said. {{^adFree}} {{/adFree}} “The ministry of ports, shipping and waterways, and the ministry of commerce are working on schemes to incentivise ship manufacturing in the country, including …

Sarbananda Sonowal takes charge of ministry of ports, shipping & waterways
7 months ago

Sarbananda Sonowal takes charge of ministry of ports, shipping & waterways

Live Mint  

Union minister Sarbananda Sonowal took charge of the ministry of ports, shipping & waterways on Monday evening, soon after the Prime Minister Narendra Modi-led government had announced portfolios of its ministers. After assuming charge of the ministry, Sonowal expressed confidence in his team's ability to deliver on goals and objectives with a vision to serve the country's people. He said …

India rides the green wave as EU, US buy its clean ships
1 year, 8 months ago

India rides the green wave as EU, US buy its clean ships

Live Mint  

New Delhi: Like carrying coals to Newcastle, India has started supplying ‘green ships’ to traditional shipbuilding nations Norway, Germany and the US, boosting its ambition to become a global shipping hub. The issue has become critical since the global energy crisis caused by the Russia-Ukraine war, which has sparked renewed interest in making ’green ships’—vessels that typically run on less …

Shipbuilding has the potential to strengthen the mission of ‘Aatmanirbhar Bharat’: Economic Survey
1 year, 11 months ago

Shipbuilding has the potential to strengthen the mission of ‘Aatmanirbhar Bharat’: Economic Survey

The Hindu  

Identifying the shipbuilding industry as a strategically important industry due to its role in energy security, national defence, and the development of the heavy engineering industry, the Economic Survey 2022-23 noted that it has the potential to increase the contribution of the industry and the services sector to the national GDP. With its immense direct and indirect linkages with most …

India said to offer incentives to boost shipbuilding industry
2 years, 1 month ago

India said to offer incentives to boost shipbuilding industry

The Hindu  

India plans to offer cash subsidies, lower taxes and other incentives to bolster its shipbuilding industry, two government sources said, as part of an effort to reduce the pain of high freight rates for the nation's manufacturers. The plans include subsidies so that at least 50 new vessels can be built, as well as granting "infrastructure status" to the industry …

Cabotage rule relaxation: Govt needs to strengthen port infrastructure to make India a major transshipment hub
6 years, 1 month ago

Cabotage rule relaxation: Govt needs to strengthen port infrastructure to make India a major transshipment hub

Firstpost  

India needs to take a leaf from China, which has emerged as a global maritime powerhouse in recent times with a specific focus on port-led economic development. The government needs to raise the bar for Indian shipping lines and formulate policy measures to develop the competencies of Indian coasts for trade and industrialisation, drawing parallels with China. With China operating …

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