Acquisition of Vessels by SCI under NMDP
The Government formulated the National Maritime Development Programme (NMDP) for accelerating the development of maritime sector in the country through investment in specific infrastructure, Tonnage acquisition and institutional capacity building projects/ schemes.
Shipping Corporation of India (SCI) envisaged acquisition of 76 vessels under the NMDP; 14 vessels in 10th Plan and the remaining 62 vessels during 11th Plan. Out of the 62 vessels, SCI has, so far, been able to order/acquire 39 vessels and will acquire 7 more vessels by the end of 11th Plan falling short of 16 vessels as compared to the 11th Plan target.
The global economic slowdown witnessed after 2008 had severe impact on the global shipping business with freight rate and asset values declining substantially. In view of the uncertainties prevailing during the period 2008-2010, SCI slowed down its acquisition programme which is the primary reason for the shortfall.
The above information was given by the Minister of Shipping, Shri G.K. Vasan in the Rajya Sabha today in a written reply to a question.