Budget 2013: FICCI seeks 'infrastructure status' for shipping industry

In its pre-budget 2013 memorandum, Federation of Indian Chambers of Commerce and Industry (FICCI) has asked the government to grant 'infrastructure status' to the shipping industry.
FICCI has said that the Indian shipping industry fulfills the characteristics of infrastructure as mentioned in the harmonized Master List of infrastructure sub-sectors.
"Granting infrastructure status would mean reduced cost of borrowings to buy technologically advanced and environment friendly ships leading to increased trade volumes resulting in higher employment and higher foreign exchange earnings/ savings," said FICCI.
According to FICCI, granting the infrastructure status to shipping industry would be a step in the right direction to rationalize, strengthen and provide environment conducive to the growth of Indian shipping sector.
Therefore FICCI has asked that this status should be granted to 'ships and other vessels' as defined under the Merchant Shipping Act, 1958.
Finance Minister P Chidambaram will present the Union Budget 2013-14 on February 28. The industry is looking at the budget to boost economic growth.
Source: Economic Times