The Union Cabinet onWednesday approved a scheme for promotion of flagging of merchant ships in India by providing subsidy support to domestic shipping companies in global tenders floated by Ministries.
As per the scheme, a subsidy of Rs 1,624 crore over five years to domestic shipping companies will be given in global tenders floated by Ministries and central public sector enterprises.
The move has brought in an opportune time to invest in Indian flagged vessels, said industry experts.
The policy was announced in February as part of the fiscal 2022 Union Budget.
As per the scheme, for a new ship, which is less than 10 years old on the date of flagging in India, the subsidy support will be 15 per cent of the lowest quoted offer by a foreign flagged company in a tender. This subsidy for a 10-20-year-old ship will be 10 per cent.
After the scheme is launched, this rate will be reduced by 1 per cent every year till it reaches 10 per cent and 5 per cent, respectively.
You may also like
-
UN ESCAP Pegs India’s Growth At 6.4% In 2026, 6.6% In 2027 Amid Global Headwinds
-
MSDE Pushes Skill Development In 662 Border Villages Under Vibrant Villages Programme
-
Indian Railways Marks Earth Day With Green Push: 81.59 Lakh Trees Planted, 99.6% Broad-gauge Electrified
-
India Adds Record 6.1 GW Of Wind Power In Fy26, Sets Sight On 100 Gw By 2030
-
Centre Notifies Online Gaming Rules 2026, Sets Up National Regulator And User-safety Framework
