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Govt plans financial support to boost local shipping container manufacturing amid post-COVID shortages

The government is considering financial support for local manufacture of shipping containers amid growing shortage and rising costs post Covid. A viability gap funding (VGF) scheme is being considered as part of the plan that would be implemented in mission mode, people familiar with the development said.

Dr.G.R.Balakrishnan Aug 09 2024 Exim & Trade News

Govt plans financial support to boost local shipping container manufacturing amid post-COVID shortages

"Direct subsidy and support via VGF are being examined," a government official said, adding that inter-ministerial consultations were on. A container manufacturing mission is being considered to hasten local manufacturing, according to the official.

The official said the idea is to shield exporters and importers from the vagaries of sudden shortage of containers and spikes in premia.

Non-availability of containers emerged as a key challenge for the trade sector post-Covid when China was seen importing empty containers by offering a premium.

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