India to increase fleet of large Made in India merchant ships

India has set the ball rolling to increase the fleet of large Made in India merchant ships with an eye on joining the league of the top maritime countries of the world over the next two decades. A situation like the recent three-day escalation between India and Pakistan can put ports on high alert and may dissuade foreign ships from visiting Indian ports, thus harming trade. Hence the importance of locally made and flagged merchant vessels. According to Union Minister of Ports, Shipping and Waterways, Mr Sarbananda Sonowal, recent radical policy reforms ushered in by the government, such as Maritime Development Fund, Shipbuilding Financial Assistance Policy, Shipbuilding and Ship Repair Clusters, infrastructure status to large vessels, and Customs duty exemption to components used in shipbuilding and ship repair, comprise a comprehensive package to kickstart a revolution to take India’s shipbuilding industry to the pinnacle of the sector globally, as per a report.

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