NO NEW MARITIME POLICY
PROPOSED
LOK SABHA
The Ministry of Shipping
has not proposed any new Maritime Policy. However, to promote
and help the domestic industry to compete globally, the recommendation
of Rakesh Mohan Committee’s report for introduction of Tonnage
Tax Scheme for shipping sector has been pursued.
The share of Indian
shipping fleet in the global shipping industry is around 1.2%.
The proportion of
India’s sea-borne trade carried by the domestic ship has been
steadily decreasing. It was 31.4.% in 1997-98, 30.5% in 1998-99
and 31.5% in 1999-2000. However, to check this decline further,
the Government has taken various measures such as:
· Import of all types
of ships have been included in the OGL;
· Ships(including
second hand ships) can be imported freely now without license
as per guidelines issued by the Ministry of Shipping on 15th
June, 2001 and 5th March, 2002;
· 100 per cent FDI
is allowed in Shipping sector;
· The proposed Custom
duty of 5% on import of Ships in the Finance bill for 2001-2002,
has been done away with.
· Enhancement of
Depreciation rate from 20% to 25% for Ships.
· Section 33AC of
IT Act has been made more attractive for Indian Shipping companies.
The limit upto which reserves could be built up by the shipping
companies for new acquisition will now include general reserves
and share premium reserves also. Earlier it was limited to twice
the paid up capital of the shipping companies.
This was stated by
Shri Su. Thirunavukkarasar, Minister of State for Shipping in
written reply to Dr. Manda Jagannath in Lok Sabha today.
.
