It appears in keeping with the efforts taken to progress along the path chalked out for the Maritime Agenda of the Shipping Ministry when the Shipping Minister Mr. G.K. Vasan said that India plans to reach 5% global market share in the ship building sector by 2020. He lists out the encouraging and strategic initiatives the government has taken to promote the ship building sector in the country. To realize the 2.5 million job potentials in this sector, the government has proposals to develop ancillary units for this sector. To upgrade the infrastructure in the ports which include capacity addition and mechanization, the government has taken many initiatives particularly in the direction of private sector participation; it has allowed 100% Foreign Direct Investment. Referring to the tax incentives the Shipping Minister said: “Correspondingly, in order to augment the Indian tonnage in the shipping sector, the government has taken initiatives such as introduction of tonnage tax scheme and policy of cargo support to Indian flag ships in respect of government owned/controlled cargoes”. Promotion strategy does not stop there. Mr. G.K.Vasan said that the shipping countries which are in service sector could avail themselves of the foreign currency loans not exceeding 200 millions in the form of External Commercial Borrowings and Foreign Currency Convertible Bonds through the automatic route from their equity holders. He also said that the proposals exceeding 200 million dollars only have to pass through the approval route.A good example is the best sermon; a good strategy is a sure business.
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