To promote the demand of the ships built in India, priority in chartering of vessels is given to vessels built in India, flagged in India and owned by Indians under the amendments in the guidelines of ROFR(Right of First Refusal).

Now it has been decided that for any kind of charter of a vessel undertaken through a tender process, the Right of First Refusal (RoFR) would be exerted in the following manner:

1. Indian built, Indian flagged and Indian owned
2. Foreign built, Indian flagged and Indian owned

• Indian built, foreign flagged and foreign owned

Provided that:

1. All vessels flying the flag of India (i.e. registered in India) up to the date of issue of new circular by the Director General of Shipping shall be deemed to be Indian built vessels and will fall in category (i) above and

1. The foreign flagged vessels permitted by DG (Shipping) under Section 406 of the Merchant Shipping Act, 1958 for chartering by an Indian citizen/company/society, who is building a ship in an Indian shipyard for registration under the Indian flag, as a temporary substitute for the Indian ship under construction, meeting the following two conditions shall be deemed to fall under Category (i) above.

1. 25% of the contract money has been paid to the Indian shipyard
2. 50% of the hull fabrication has been completed, as certified by Recognised Organisation.

The duration of licence to such chartered vessel shall be limited to the period of building of the ship, as mentioned in the shipbuilding contract.

It is to be noted that Ministry of Shipping has made provision for long-term subsidy for shipbuilding activities under shipbuilding financial assistance policy (2016-2026). The Ministry has already disbursed an amount of Rs 61.05 crores till date under this policy. It is an endeavour of the Government to further incentivise shipbuilding by providing additional market access and business support to ships built in India.

The revised guidelines will give a boost to the domestic shipbuilding and shipping industries. It will encourage the domestic shipping industry to support the domestic shipping industry.

Minister of State for Shipping (I/C) Shri Mansukh Mandaviya said, “Ministry of Shipping is working with a focused approach to promote shipbuilding in India as per AatmaNirbhar Bharat vision of our Hon’ble Prime Minister Shri Narendra Modi. The revision of RoFR licensing conditions is a giant step towards AatmaNirbhar Shipping. It will promote ‘Make in India’ initiatives through self-reliance and will give a strategic boost to domestic Ship building industries, contributing towards long-term economic growth of India”.

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The nation entered 2019 as the world’s sixth-biggest economy poised to become the fifth. Instead, it has slipped a notch to seventh place as a collapse in consumption slowed gross domestic product growth to the weakest in six years. External shocks from trade wars to surging oil prices are exacerbating that pain.

Troubled by the grim prospects, the central bank has lowered interest rates to a nine-year low and Governor Shaktikanta Das wants other stakeholders — from the government to banks to the private sector — to step up. But with Finance Minister Nirmala Sitharaman facing lower revenue prospects that threaten her budget gap goal, the heavy lifting on stimulus appears to lie with the Reserve Bank of India.

Das may be able to ease a financing squeeze, but it’ll take delivery on big bang reforms to unlock the productivity gains needed to power the economy toward Modi’s goals. While his return to office this year with a bigger mandate stoked expectations among investors for bolder reforms, that hope is fading 100 days into his second term as global investors head for the exit.

Unemployment at a 45-year high has hurt demand for everything from soaps to 7-cent cookies, while car sales have slumped the most on record and new investments have been sluggish as a lingering shadow banking crisis curbs lending. That’s caused growth to decelerate for five straight quarters to 5% in the three months to June – the weakest since March 2013 – and well below the 8% plus annual expansion needed to meet the goal.

“Investors should await clarity in the coming months on what steps the government will take to ease labor laws, reform the banking system and privatize state-owned enterprises,” said Amitabh Dubey, an analyst at TS Lombard.

“But at the same time they should be ready for a continuation of past policies: namely, a mix of reform, state control and populism.”

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