India’s shipbuilding industry is set for a revival with the latest budget focusing on enhancing the nation’s shipbuilding capacity. Cochin Shipyard Ltd (CSL) is leading this initiative with investments in new facilities for ship-making and repair. Experts believe that the incentives and focus on shipbuilding in the budget will drive growth and innovation in Kerala’s maritime landscape, benefiting the state’s shipbuilding and ancillary industries.
The Maritime Development Fund is expected to boost India’s competitiveness in the global maritime sector. Large ships now have access to longer-term, lower-cost capital expenditure funding as they are included in the Harmonized Master List (HML) and granted infrastructure status. This aligns well with the new dry dock designed to accommodate large ships, further enhancing India’s shipbuilding capabilities.
This strategic move will encourage Indian companies to secure more orders and build vessels within the country instead of relying on overseas construction and imports. The overall goal is to strengthen India’s position in the maritime industry and promote self-sufficiency in shipbuilding.
The anticipated impact of the budget’s focus on shipbuilding is expected to support Kerala’s shipbuilding and related industries, driving growth and development in the state. The move aligns with the government’s efforts to boost the maritime sector and promote domestic manufacturing of ships.
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