To promote 'Made in India', India develops shipbuilding industry

by:Gewinn     2022-05-31
According to India's 'Economic Times' report on January 15, the Indian government has given the shipbuilding industry 'infrastructure' status, hoping to promote the 'Make in India' plan to implement faster. The move is expected to reduce borrowing costs for the Indian shipbuilding industry, according to reports. Shipyards in India currently pay an average of 14 to 15 percent on their borrowings. India's designation of shipbuilding as an infrastructure will create a favorable environment for the development of what will now be a globally competitive shipbuilding industry, a senior shipping industry official said. The move will also boost the Indian government's 'Make in India' plan and is expected to increase the industry's global market share, from less than 1% currently to 5% by 2020, the report said. In December last year, the Indian government decided to give a total of 40 billion rupees (about 3.908 billion yuan) in subsidies to the shipbuilding industry in the next 10 years. The Modi government previously proposed the 'Make in India' plan, which aims to encourage foreign companies to set up factories in India, thereby promoting local employment and upgrading India's manufacturing industry. In order to promote this plan, the Indian government has also made measures such as raising tariffs on foreign electronic products to attract them to directly produce in India.
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