Industry body in India, Associated Chambers of Commerce and Industry of India (Assocham) has expected a huge potential for ship repairing and shipbuilding business in the country. According to Assocham, more than 20-year-old ships require periodic and extensive repair and maintenance and, in India, of the total 1,122 vessels in the fleet, over 41 per cent are over 20 years old and need regular attention.
Assocham in a report said that it was the right opportunity for the country’s Rs 7,300-crore shipbuilding and ship repair industry to earn Rs 20,000 crore by undertaking regular repair jobs. Ships older than 20 years require frequent and extensive repair and maintenance. This augurs well for the shipbuilding industry, an analysis of ‘Indian Shipping Fleet: Size, Capacity and Age Composition,’ conducted by Assocham observed.
The report added that the government needs to act as a facilitator and create opportunities for a healthy business climate to attract fresh investments in the shipping industry.
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