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Shipping ministry seeks govt nod for maritime fund

Shipyard expected to have a positive net worth during the immediate preceding financial year

Megha Manchanda  |  New Delhi 

The Ministry of Shipping has sought the government’s approval for setting up a maritime development fund that will meet the financing needs of the entire maritime sector, including shipbuilding. According to sources, this is part of the long-term solutions suggested by the shipping ministry to support and promote the domestic shipbuilding industry. The ministry is also of the view that shipyards should be allowed to access external commercial borrowing by the Reserve Bank of India for working capital under the automatic route.  The ministry has also ...

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First Published: Tue, August 22 2017. 00:20 IST
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