Indian shipyards to get access to long-term loans through status change

Indian shipyards: In a bid to boost the Indian shipping sector, New Delhi is to grant the country’s  shipbuilders  ‘infrastructure’ status in  a move that will give them access to long-term loans of up to 25 years, as well as access to overseas financing.
Industry calls for a change of status have been growing for the best part of 10 years, and the decision comes a month after the government declared it was to offer financial assistance to domestic shipyards for any  vessels they built irrespective of size. “This is a path breaking decision and will go a long way to boost ship building here and the cost disadvantage for Indian players will be neutralized,” a shipping ministry official said.
With 90% of all export and import activity conducted by sea, India’s shipping sector is considered  crucial to its economic development. 
Source: indiatimes