The Union Cabinet on Wednesday approved a scheme to provide Rs 1,624 crore over five years as subsidy to Indian shipping companies in global tenders floated by ministries and CPSEs for import of government cargo, an official statement said. According to the statement, registration shall be done online within 72 hours like the world’s best ships registries and this will make it easy and attractive to register ships in India and thereby aid in boosting the Indian tonnage. This will benefit all existing Indian Shipping Companies. All PSU and private sector shipping companies will benefit. For ships less than 10 years old, the subsidy support would be 15% of the quote offered by L1 foreign shipping company or the actual difference between the quote offered by the Indian flag vessel and the quote offered by the L1 foreign shipping company whichever is less. If the ship age is between 10-20 years, the subsidy support will be about 10% of the quote offered by the L1 foreign company or the actual difference between quote of foreign company and Indian company whichever is less. The Government estimation is subsidy of Rs 108 crores in 21-22, Rs 217 crores in 22-23, Rs 325 crores in 23-24, Rs 433 crores in 24-25 and Rs 541 crores in 25-26.