Indian Tonnage Crosses 10 Million GT
The Indian tonnage, in the Shipping Sector, for the first time has crossed the 10 million Gross Tonnage (GT) mark. As on 1 September 2010, a total of 1029 ships with 10.10 million GT are registered under the Indian flag. Out of this, 693 ships of about 1 million GT are engaged in Coastal trade and remaining 336 vessels are plying in the overseas trade.
Government rationalized the fiscal regime for Indian Shipping Industry by introducing tonnage tax system from the financial year 2004-05, in order to provide Indian Shipping Industry a level playing field vis-à-vis international shipping companies and also facilitate the growth of Indian tonnage. India has allowed 100% FDI in shipping sector. Indian tonnage has steadily grown over the last five years from 6.94 Million GT as on 1 April 2004.
Source: Ministry of Shipping