Cabinet approves Rs 16.24 billion subsidy to Indian shipping companies

The union cabinet has approved a scheme to provide Rs 16.24 billion over a period of five years as subsidy to Indian shipping companies in global tenders floated by ministries and central public sector enterprises for the import of government cargo. The development comes in light of the government’s efforts to achieve Atmanirbhar Bharat. However, approval of financial assistance will be subject to certain conditions.