Press Information Bureau
Government of India
Ministry of Shipping
23-November-2010 17:08 IST
Shipping Policy
The Government has been taking various steps from time to time for the growth of Indian tonnage. These include:-

(i) In order to create level playing field for the Indian Shipping Companies with their global counter parts, the Government has introduced Tonnage Tax regime in India since the year 2004. Further, the liberalized policy on ship acquisition has been introduced and acquisition of all types of ships has been brought under Open General License (OGL). Besides, 100% FDI has been permitted in ship acquisition and registration formalities of newly acquired ships have been simplified.

(ii) The Government of India has formulated the National Maritime Development Programme (NMDP). It is a comprehensive programme aimed at various issues that need to be addressed to bring holistic growth in the Indian Shipping Industry. Under the NMDP, Shipping Corporation of India, the only Public Sector Shipping Company is in the process of acquiring a total of 76 new vessels with a total outlay of approximately Rs.15,000 crores, to be completed in phases till 2015. Of these, 22 ships have already been delivered and orders have been placed for construction of another 30 vessels.

The above information was given by the Minister of Shipping, Shri G.K. Vasan in Lok Sabha yesterday.