In its bid to give push
to the ship building and ship breaking under the 'Make in India' scheme,
government has granted 'infrastructure' status to the industry.
This will enable the
shipyards and domestic manufacturers to get long term loans for 20-25 years and
access overseas loans too.T he industry's demand for infrastructure tag had
been pending for over a decade. "This is a path breaking decision and will
go a long way to boost ship building here and the cost disadvantage for Indian
players will be neutralized," said a shipping ministry official.
Though the proposal was
brought before the Cabinet last month along with the proposal of providing Rs
4,000 crore subsidy spread over 10 years to spur ship building industry, the
issue of granting infrastructure status to the sector was referred to finance
ministry.
An official said that
apart from increasing India's share in the global ship building sector, this
decision will help create more jobs and boost ancillary industry.
The decision comes
within a month after the government had declared financial assistance to
domestic shipyards for any vessel built by them irrespective of size for
domestic sale or export purpose.
Source:
The Times of India. 15 January 2016
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