Centre amends Right of First Refusal licensing conditions to boost domestic shipping industry
In pursuance of of the government’s ‘Make in India’ policy, the Ministry of Shipping has reviewed the Right of First Refusal (ROFR) licensing conditions for chartering of vessels or ships through tender process for all types of requirements.
To promote the demand of the ships built in India, priority in chartering of vessels is given to vessels built in India, flagged in India and owned by Indians under the amendments in the guidelines of ROFR.
It is to be noted that the shipping ministry has made provision for long-term subsidy for shipbuilding activities under shipbuilding financial assistance policy (2016-2026). It has already disbursed Rs 61.05 crore under this policy.
The government endeavours to further incentivise shipbuilding by providing additional market access and business support to ships built in India.
The revised guidelines will give a boost to the domestic shipbuilding and shipping industries. It will encourage and support the domestic shipping industry to support the domestic shipping industry, an official release said.
Minister of State for Shipping Mansukh Mandaviya said, “The ministry is working with a focused approach to promote shipbuilding in India as per Aatmanirbhar Bharat vision of Prime Minister Narendra Modi.
“The revision of RoFR licensing conditions is a giant step towards Aatmanirbhar Shipping. It will promote ‘Make in India’ initiatives through self-reliance and will give a strategic boost to domestic Ship building industries, contributing towards long-term economic growth of India.”
