India to Boost Indigenous Shipbuilding

Government of India has approved New Shipbuilding Financial Assistance policy for Indian shipyards for shipbuilding contracts up to 2026  to promote shipbuilding in Indian shipyards.

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.

Minister of State for Shipping Mansukh Mandaviya informed that only those vessels, which…


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