The Central Government has asked the Reserve Bank of India (RBI) for special dispensation for a period of five years for the revival of the shipbuilding industry in the country.
According to a release, Minister of State for Shipping Pon. Radhakrishnan on Thursday informed the Lok Sabha of the government's request for an exemption till March 2020 to treat repeat restructuring of shipyards, after the failure of the first corporate debt restructuring (CDR).
The ongoing downturn in international markets has severely affected the Indian shipping industry, with assets readily available but the availability of money via loans has almost dried up.
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