India actively exploring tax, policy measures to boost maritime sector: Minister

The Indian government is actively exploring tax and policy interventions to strengthen the maritime sector, said Mr Sarbananda Sonowal, Union Minister for Ports, Shipping and Waterways, this week. About the Union cabinet approving a Rs 70,000 crore plan for the shipbuilding industry, he said the aim is to reduce operational inefficiencies, align with global best practices, and promote long-term growth and competitiveness of India’s shipping and shipbuilding ecosystem. This package aims to transform India into a design-build-finance-own-repair-recycle powerhouse in the global maritime economy. It seeks to ensure that a larger share of the country’s export-import cargo is carried on Indian-built, Indian-owned vessels. Shipbuilding is often called the mother of heavy engineering. It will create stable order pipelines for hulls, engines, propulsion systems, electronics, coatings, steel processing and outfitting, ensuring sustained activity across the value chain, as per a report.

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