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Cabinet Committee on Economic Affairs approves Cruise Shipping Policy

The Cabinet Committee on Economic Affairs, Government of India, yesterday approved of a Cruise Shipping Policy which will allow zero-tax regime for cruise ship operators. The policy will exempt cruise operators from income-tax, excise duty, customs duty, corporate tax and service tax that accounts for almost a third of their total revenues. Cruise shipping tourism will be kick started from the backward coastal areas in the country. The USD 14 billion global cruise shipping industry is growing at the rate of 12 per cent every year, with a passenger base of ten million. India's share is only two per cent, despite its vast coastline of over 7,000 km.

“Cruise shipping will be a path-breaking development in India's effort to carve a prominent space in world tourism, showcasing India as a major source and destination of world tourism. It will spill out growth in other diverse sectors. It will also generate enormous employment opportunities. India with its vast and beautiful coastline, virgin forests and rich historical and cultural heritage can be a good tourist destination for cruise tourists,” said Prithviraj Chavan, Minister of State, Prime Minister's Office.

Cruise Tourism is one of the fastest growing components of the leisure industry worldwide, fast emerging as a new marketable commodity. With the Indian economy developing at a steady pace, increasing disposable incomes of the middle class which can be spent on leisure activities, Indians too can enjoy luxury shipping in a big way, added Chavan.

Source from indiaenews

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