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Government of India to improve domestic shipbuilding

Government of India to improve domestic shipbuilding

Minister of State for Shipping Mansukh Mandaviya announced that vessels which are constructed and delivered within a period of three years from the date of contract shall be eligible for availing financial assistance under the policy.

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Financial assistance is being granted to Indian Shipyards equal to 20% of the lower of “Contract Price” or the “Fair Price” or actual payments received of each vessel built by them for a period of at least 10 years commencing 2016-17. This rate of 20% will be reduced by 3% every three years.

Maritime Business World 

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