India's Strategic Push: Large Ships Gain Infrastructure Status

In an effort to bolster its 'Make in India' campaign, the Indian government has taken a significant step by granting infrastructure status to large commercial vessels. Ships with a gross tonnage of 10,000 or more, under Indian ownership and flag, now meet the qualifications for this status.

This decision is significant for Indian maritime as it eases access to financial resources, including overseas borrowings and tax-free bonds. In the latest update, large ships have been added to the Harmonized Master List of Infrastructure sub-sectors under transport and logistics, as noted by a finance ministry notification.

Additionally, the creation of a Rs 25,000 crore Maritime Development Fund aims to encourage investment, with the ultimate goal of capturing a 20% share of the global cargo market by 2047. This move is seen as a strategic push to strengthen India's maritime capabilities.

(With inputs from agencies.)