Mumbai: The global recession has spurred India's Government to consider a Rs 100bn package to help local shipping firms finance new vessel acquisitions, Mint reports, quoting APVN Sarma, secretary to the ministry of shipping.
The package comes in light of the fact that banks, which had a long track record of lending to Indian owners have tightened their resources. The secretary did not elaborate on interest rates and other details. [18/03/09]
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