The central government will soon be presenting before the cabinet for approval a new shipbuilding policy which will include a recycling credit note scheme, a fixed rate of subsidy for 10 years. The cabinet will also discuss the establishment of three maritime clusters in Andhra Pradesh, Gujarat and Odisha. The vision is to grab a greater chunk of the global shipbuilding market.
As per the plans, a credit note valued at about 40% of the scrap value of a vessel being broken down in an Indian yard would be offered to fleet owners, be it Indian or global. This can be reimbursed against the cost of construction of a new vessel at an Indian yard. The scheme will also encourage shipowners to bring end-of-life vessels for breaking down in India.