Government to extend shipbuilding subsidy scheme

Indian government plans to extend the shipbuilding subsidy scheme in about 3-4 months, Mr A.P.V.N. Sarma, Secretary, Ministry of Shipping, hinted here.
The government had a subsidy scheme till August 15, 2007, which offered shipbuilders 30 per cent reimbursement of the cost of the ship by the Union government, provided it was built for the domestic market.
The scheme was introduced in the mid-90s, initially for five years, which ended in August 2007.
In the last week of February 2009, the government approved a move to disburse about Rs 5,100 crore as subsidy to shipyards for orders secured till August 15, 2007.
Shipbuilders have been crying hoarse for an extension of the subsidy scheme, Exim News Service informed.

Source: Transportweekly