Comments
With a view to increase domestic sourcing in shipbuilding, the Shipping Ministry has issued new guidelines for shipyards seeking subsidy.
Under the amended guidelines, the number of days available with the shipyards to apply under the policy, as well as to obtain and submit valuation reports of the ships, have been increased, said an official release.
The updated web application also generates a wider choice of international valuers by whom the valuation of a vessel can be carried out. The upgraded version will be administered and monitored by the Directorate General of Shipping, Mumbai, it said.
To promote the government’s Make in India programme and encourage domestic shipbuilding by providing a level-playing field vis-a-vis foreign shipyards, the government had approved the Shipbuilding Financial Assistance Policy for Indian Shipyards in December 2015. The policy provides ₹4,000-crore financial assistance to shipyards for 10 years for contracts secured between April 1, 2016 and March 31, 2026 (including these dates), it added.
The Shipyards Association of India had raised certain issues with regard to the previous web application that had been launched in June 2016 for processing applications for financial assistance under the policy. The Ministry held a series of consultations with the stakeholders and has now rolled out an updated version of the application, along with an amended set of guidelines.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.