Scheme For Promotion Of Flagging Of Merchant Ships In India:
The scheme was approved by the cabinet recently.
- The scheme seeks to provide Rs.1624 crore over five years as a subsidy to Indian Shipping companies in global tenders floated by Ministries and CPSEs for import of government cargo.
- The budgetary support would be provided directly to the Ministry/Department concerned.
- The subsidy support would be extended only to those ships which have bagged the award after the implementation of the scheme.
- Flexibility in the allocation of funds for expenditure from one year to another and within the various Ministries/Departments of the scheme.
- Ships older than 20 years would not be eligible for any subsidy.