In order to promote the shipbuilding industry under the \u2018Make in India\u2019 initiative, the Cabinet approved a proposal for financial assistance of 20 per cent for ships built in the country.
<\/br>The implementation of the policy, which would be in force for 10 years, requires a budgetary support of Rs 4,000 crore. \u201cIt includes a policy for grant of financial assistance to shipyards, after delivery of ship, to counter cost disadvantages at 20 per cent of the contract price or the fair price, whichever is lower; such assistance is to be reduced at 3 per cent every three years and will be given for all types of ships,\u201d the official statement said. The proposal also includes grant of a Right of First Refusal for Indian shipyards for government purchases; tax incentives and grant of infrastructure status for shipbuilding and ship repair industry.<\/p>\n","protected":false},"excerpt":{"rendered":"