Ship owners worldwide invited to flag their ships in India

The Ministry of Shipping has invited the ship owners worldwide to flag their ships in India to take advantage of the Make in India policy. Government has revised its Make in India Policy for public procurement, among others, of all services.  Under the revised policy, no global tender enquiry shall be issued, except with the approval of the Competent Authority, for procurement of all services with estimated value of purchases less than 200 crore rupees.

Daily Current Affairs Quiz 2020

Key-Points

It is estimated that the Make in India policy will provide an opportunity to at least DOUBLE the number of Indian flag vessels in the immediate term from the present approximately 450 to at least 900 and more over a period of 3 years, leaving further scope for additional investment in the Indian flag tonnage.

With a modern maritime administration, continuous supply of trained seafarers, ship management skills already available, ship owners worldwide are invited to now flag their ships in India to take advantage of the Make in India policy of the Government in respect of transportation of Government cargoes.

Make in India policy

Make in India, a type of Swadeshi movement covering 25 sectors of the Indian economy. It was launched by the Prime Minister Modi on 25 September 2014 to encourage companies to manufacture their products in India and enthuse with dedicated investments into manufacturing.

It aims to normalize the Trade Deficit between India with other countries.

Through this initiative it is expected that India would surpass China and US as a global entity for foreign direct investment particularly when the world economy is on the recovery mode.

The Government of India aims to take the GDP to 25% by 2022 by implementation of the Make in India initiative.