• 2012 May 12 11:17

  MoS adopts facilitative measures for Shipping Industry in India

  

  The Union Minister of Shipping, Shri G.K. Vasan informed about the facilitative measures initiated to make the shipping industry more attractive and competitive, Daily Shipping Times reports.
  
  The Government has brought under the Open General Licence (OGL) acquisition of all type of ships, by Indian shipping sector through import.
  
  To attract investment for the growth of this sector, the Government has allowed 100% Foreign Direct Investment (FDI) in the shipping sector.
  
  With a view to provide a level playing field to the Indian shipping sector, the Government has introduced tonnage tax system during 2004-2005 which has effectively brought down the tax liability of the shipping companies to a level comparable to the international level from the previous levels of the corporate tax regime.
  
  Indian Shipping industry has been provided cargo support in the form of right of first refusal and policy of Free On Board (FOB) import is being followed for Government owned/controlled cargoes.

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2024 November 15

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