Shipping to get infrastructure status to boost domestic shipbuilding and ownership

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.