New Delhi - The government plans to seek Cabinet approval to a policy aimed at increasing India’s share in the global shipbuilding market. The proposed policy includes a recycling credit note scheme, fixed subsidies for shipbuilders, and the creation of three maritime clusters in Andhra Pradesh, Gujarat, and Odisha.

Under the new policy, fleet owners will receive a credit note equivalent to 40 percent of the scrap value for ships dismantled at Indian breaking yards. This credit can be used to offset the cost of constructing new vessels at Indian shipyards. The policy aims to encourage both . . .