New Delhi, Aug. 21 -- The Indian government is preparing to grant infrastructure status to the shipping industry, with an official notification expected within two weeks.

This decision is aimed at providing shipping companies access to long-term, low-cost financing, which will help them buy more ships from Indian shipyards and expand vessel ownership.

Currently, India stands at 18th place in global ship ownership and 22nd in shipbuilding. The infrastructure tag is expected to close the competitive gap with global players, as Indian firms often face higher funding costs and shorter repayment terms compared to foreign shipping companies.

Instead of linking infrastructure status to project value, the government plans to apply a vessel-siz...