The shipping ministry has requested the petroleum ministry to increase the share of Indian flagged ships in the country’s oil trade. Nitin Gadkari, Union minister for road transport and shipping, said the share of Indian flagged ships in the country’s export-import trade is only 7.5-8.0% and needs to be taken higher. Unlike several developed and developing economies, India does not extend any preferential treatment to ships flagged in the country in its export-import trade.
The shipping ministry had proposed a cargo support policy for Indian shipping companies several times, but oil companies have been opposing it citing increase in freight cost.
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