The government may grant infrastructure status to the shipping industry to help improve India's position to the top five countries globally in shipbuilding and ownership by 2047, two persons aware of the development said.
The status would allow shipping entities to secure funds on easier terms with long-term repayment and low rate of interest from commercial banks. This would allow improved purchase of ships from Indian shipyards and raise Indian ownership.
The country currently ranks 18th globally.
According to the first of the two persons quoted above, the ministry of ports, shipping, and waterways (MoPSW) has asked the department of economic affairs (DEA) to consider providing infrastructure status for ships in the harmonized list of infrastructure, which could be announced as part of budget proposals on 1 February.
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