• Home
  • News
  • Videos
  • Marine Tech
    • Air Compressor
    • Ship Generator
    • Oily Water Separator
    • Ship Stabilizer
    • Boiler
  • Navigation
    • Mooring
    • Watchkeeping
    • Maneuvering
    • Anchoring
    • Equipment
  • Safety
  • Career
  • Life At Sea
  • Naval Arch
  • More
    • Premium eBooks
    • Free eBooks
    • Shipboard Guidelines
    • Forums
    • Financial Planning
    • Reports
    • Maritime Events
    • Photos
    • Apps
  • Home
  • News
  • Videos
  • Marine Tech
    • Air Compressor
    • Ship Generator
    • Oily Water Separator
    • Ship Stabilizer
    • Boiler
  • Navigation
    • Mooring
    • Watchkeeping
    • Maneuvering
    • Anchoring
    • Equipment
  • Safety
  • Career
  • Life At Sea
  • Naval Arch
  • More
    • Premium eBooks
    • Free eBooks
    • Shipboard Guidelines
    • Forums
    • Financial Planning
    • Reports
    • Maritime Events
    • Photos
    • Apps

Marine Insight

The Maritime Industry Guide

Indian Government To Develop Shipping Sector

By MI News Network | In: Shipping News | Last Updated on August 11, 2017

Under the Government of India’s Sagarmala Programme to promote port-led development, a master plan has been formulated for the 12 Major Ports. 142 port capacity expansion projects with an estimated cost of Rs. 91,434 Crore and capacity creation of 884 MMTPA have been identified in this master plan for implementation over the next 20 years. Out of these, 58 projects with project cost of approximately Rs. 28,767 Crore have been approved.

In 2015, an international benchmarking consultant conducted a study of the Major Ports which recommended 116 initiatives to enhance their efficiency and productivity to international benchmarks and unlock their capacity. Of the 116 initiatives, 85 initiatives have already been implemented.

Mundra Port

Representation Image – Credits: wikimedia.org

In order to strengthen the shipping and ports sector and make it internationally competitive, the Government of India has taken various steps which include the following :

  1. Exemption of Customs and Excise Duty leviable on bunker fuels used in Indian flag vessels for transportation of mix of EXIM, domestic and empty containers between two or more ports in India.
  2. Abatement of service tax of 70% for transportation of goods by Coastal shipping and Inland Waterways transportation.
  3. In April 13, 2016, the Ministry of Finance notified inclusion of stand-alone shipyards undertaking activities such as shipbuilding and ship-repair in the Harmonized List of Infrastructure sectors.
  4. To promote manufacture of sea-going vessels by Indian shipyards, Shipbuilding Financial Assistance Policy was approved for contracts signed during a ten year period, viz. 2016-2026.
  5. Customs and Central Excise duty exemption on inputs used in manufacture of ships to provide a level playing field between indigenously built ships vis-à-vis imported ships.
  6. Shipping enterprises based in India have been permitted to acquire ships abroad and also flag them in the country of their convenience. This policy initiative of “Indian Controlled Tonnage (ICT)” has facilitated Indian ship-owners to gain access to cheaper funds abroad and also save on costs of setting up subsidiaries abroad to acquire and maintain such tonnage.

This information was given by Minister of State for Shipping and Road Transport and Highways Shri Pon. Radhakrishnan in a written reply to a question in the Lok Sabha on 10th August.

Reference: pib.nic.in

Report an Error
285 Shares
Share
Tweet
Share
Pin
  • Guides To Make You A Smart Marine Engineer

  • Save Big On Combo Packs

  • Guides To Make You A Smart Deck Officer

Tags: ministry of shipping Sagarmala

Want to share your tips and advice? Got questions? Visit the community forum to ask questions, get answers, meet people, and share your tips!

SUBSCRIBE TO OUR DAILY NEWSLETTER

Get Free News Updates Delivered Directly To Your Inbox

YOU MAY ALSO LIKE

WHAT ARE YOU LOOKING FOR?

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

POPULAR NOW

Video: Crane Destroyed After Hit By Container Ship In Antwerp

real life incident Passenger Ship Hits Rock

Real Life Incident: Passenger Ship Hits Rock

Video: Cargo Vessel Sinks At Berth In Indonesia

WHRD-Crew-Picture-Brazil-2019

Human Rights At Sea Receives Video Message Of Solidarity From 11 Seafarers In 8 Languages

Regulation Banning The Use Of Heavy Fuel Oil In The Territorial Sea Of Iceland

Iceland Issues Regulation Banning Use Of HFO In The Territorial Sea

Submit your best email & we will send you 12 maritime ebooks FREE Today

Privacy guaranteed! We hate spam too.

Join Over 2 Million+ Mariners

  Privacy Policy   |   Refund Policy   |   Contact Us  |   Disclaimer   |   About Us   |   Team   |   Advertise  |   Send Us News

Copyright © 2010 - 2019 Marine Insight — All Rights Reserved | DMCA.com Protection Status
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.OkRead more

Wait! Want 12 FREE EBOOKS?

Sign-up below and get a link to download 12 maritime ebooks send directly to your inbox.

Invalid email address
We promise not to spam you. You can unsubscribe at any time.
Thanks for subscribing! Please check your email for further instructions.