In order to promote ship building and ship-repair industry in India, the government has formulated a policy of financial assistance for shipbuilding for a period of ten years for contracts signed between 1st April, 2016 and 31st March, 2026.
The Financial assistance at the rate of 20% of the contractual price of a vessel, fair price, or actual payments received by the shipyard is payable after delivery of the vessel and as per the guidelines issued by the Ministry of Shipping.
There are 18 major ship-repairing facilities on western coast and seven on eastern coast at present in the country.
The Cochin Shipyard Limited, a Central Public Sector Shipyard under the administrative control of Ministry of Shipping, is building a state of art ship repair facility on leased land from Cochin Port premises consisting of ship lift system of 130 metres length, 25 meters breadth and capacity of 6000 tons, costing Rs. 970 Crore.