In a move to revitalise India’s shipbuilding industry, the latest budget has set its sights on enhancing the nation’s shipbuilding capacity. At the forefront of this initiative is Cochin Shipyard Ltd (CSL), which has invested in new facilities for ship-making and repair. Experts predict that the budget’s incentives and focus on shipbuilding will have a profound impact on Kerala’s maritime landscape, driving growth and innovation in the state’s shipbuilding and ancillary industries.
The Maritime Development Fund is poised to significantly enhance India’s competitiveness in the global maritime sector. With large ships now included in the Harmonized Master List (HML) and granted infrastructure status, they can access longer-term, lower-cost capital expenditure funding. This development aligns perfectly with our new dry dock, specifically designed to accommodate large ships.
This move will incentivise Indian companies to secure more orders and build vessels within the country, rather than resorting to overseas construction and subsequent imports.
