Shipyards Association of India welcomes Government's move to raise Basic Customs Duty to foster Indian Shipbuilding Industry
Shipyards Association of India (SAI) welcomes Government’s move to raise Basic Customs Duty (BCD) on fishing vessels, Tugs, pusher Crafts and light vessels to foster Shipbuilding Industry.
All member shipyards of Shipyards Association of India (SAI) heartly welcome Ministry of Ports, Shipping and Waterways (MoPSW) proposal to increase the rates of basic customs duty (BCD) on fishing vessels, tugs, pusher crafts and light vessels from existing 5â„… to 50% for next 10 years and there after increase it to 100% from the year 10-25.
President SAI, Mr. Sahay Raj stated that “SAI has been strongly advocating increase in BCD on these vessels to foster shipbuilding industry in India. During the recently held GMIS-2023, detailed deliberations were held with all stake holders; the Ministry, think tanks, foreign experts and member shipyards of the SAI. It is very heartening to see that the Ministry reacted so quickly and made this announcement. This is a very welcome step and reflects the government's commitment to promote shipbuilding in India by incentivization which will prove a booster for all shipyards. As India sets out to become top five shipbuilding nations within a decade, it would be prudent that BCD increase on vessels be announced at the earliest.”
Vice President SAI Mr. Arjun Chowgule also welcomed Government’s policy interventions and stated that “The Ministry's move to increase BCD on vessels will not only promote shipbuilding in India but also encourage Indian shipyards to venture out and compete in the global market to bag more and more shipbuilding contracts. The proposed increase in BCD will help to rebalance the Indian economy in a sustainable manner through the development of its manufacturing sector. It is going to be a game changer to achieve the ambitious shipbuilding targets envisaged by our Hon’ble Prime Minister in Maritime Amrit Kaal Vision-2047.”
Note: Captioned image is for illustration purpose only. Image source - https://www.pexels.com
