Only 5 per cent of India’s maritime activities Rs such as import and export of cargo Rs is carried out by Indian owned ships, while the rest 95 per cent is carried out by ships owned by overseas companies.
“This is the time to consolidate and we must buy more ships and strengthen the shipping sector. The Chinese and the Korean shipping markets are down and we should take advantage of it by buying more ships from them at lower rates,” Exim Bank chairman and managing director Yaduvendra Mathur said here on Wednesday.
At a meeting organised by Ficci, Mathur, spoke of various schemes of the bank which would help the Indian SMEs to explore opportunities outside the country. One of which was the “Buyer’s credit” facility, with the help of which overseas buyers or importers can import eligible goods and services from India on deferred payment terms.
The scheme would enable exporters or contractors to expand abroad and into nontraditional markets.It would also help the Indian companies to be more competitive when bidding for overseas jobs.
Through the bank’s project exports schemes, the Exim Bank would extend funded and non-funded facilities for overseas turnkey projects, civil contracts, technical and consultancy services, Mathur said, adding: “States such as Gujarat, Tamil Nadu and Maharashtra has got strong shipping boards.Its for West Bengal to form a strong maritime board too.”.