Government amends policy for aid to shipyards

New Delhi, Nov 1 : The Shipping Ministry has amended guidelines for financial assistance to shipyards under a policy approved in 2015 and rolled out an updated version of the web application used for processing applications for aid, an official statement said on Wednesday.

The Shipbuilding Financial Assistance Policy for Indian Shipyards provides Rs 4,000 crore financial assistance to shipyards for 10 years for contracts secured between April 1, 2016 and March 31, 2026.

Under the amended guidelines, increased numbers of days are now available with the shipyards to apply under the policy, as well as to obtain and submit valuation reports. 

"The updated web application also generates a wider choice of international valuers by whom the valuation of a vessel can be carried out," said an official statement.

The decision for the new web application was taken after a series of consultation with stakeholders.

Earlier, the Shipyards Association of India had raised certain issues with regard to the previous web application launched in June 2016.

The web application will be administered and monitored by the Directorate General of Shipping in Mumbai.