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India, financial assistance policy for shipyards

New Delhi - The Minister of State for Shipping Shri Pon Radhakrishnan said that the Government has introduced a Rs.4000 Crores Financial Assistance Policy (FAP) for Indian shipyards for a period of 10 years.

New Delhi - The Minister of State for Shipping Shri Pon Radhakrishnan said that the Government has introduced a Rs.4000 Crores Financial Assistance Policy (FAP) for Indian shipyards for a period of 10 years, for contracts secured between 01.04.2016 and 31.03.2026. Under this scheme financial assistance equal to 20% of the lower of “Contract Price” or the “Fair Price” will be extended to Indian Shipyards for each vessel built by them. This rate of 20 per cent will be reduced by 3 per cent every three years. Provided that at the time of release of financial assistance, if the actual payment received for a vessel is lower than the contractual price or fair price then financial assistance will be given on the actual payment received.
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