Meeting last month in Mumbai, DNV's Indian National Committee was well attended by members representing the Indian Administration, shipowners and shipbuilders

The meeting was chaired by K. M. Sheth, executive chairman of The Great Eastern Shipping Company Limited (GESCO), the biggest Indian shipping company in the private sector. The company has made soaring profits during the current and previous year, and has acquired a number of second-hand vessels and placed orders for tanker newbuildings at Korean yards.

Speaking to delegates attending the Committee meeting, Sheth suggested that DNV should expand its operations in the subcontinent as India is presently experiencing an unprecedented boom in the shipping market. The Indian economy is steadily doing well and is expected to have a continuous growth in the years to come.

Members suggested making a DNV base in India for maritime consulting activities due to low cost and high competence of resources in India. Earlier this year, India introduced a tonnage tax regime for Indian-flagged vessels as an option to corporate tax. This has been widely appreciated by the region's shipowners.

Committee member R. L. Pai, vice president of Indian National Shipowner's Association, who presented the paper 'Indian Shipping - In Resurgent Mode', said that the introduction of tonnage tax is expected to bring rapid growth to Indian tonnage. Indian shipowners have added many vessels in recent times, especially in the crude, product and LPG tanker trades. Most shipping companies have major expansion plans. The LNG policy of the Indian Government was also discussed.

Tom Virik, member of the DNV executive board, also made a presentation entitled 'Recent Developments in World Shipping', focusing on the population growth expected in the world and the effect that this will have on trade and economies in the future.

The emergence of China followed by India was recognised, and the possibility of China becoming a major shipbuilding nation was discussed. This was followed by a discussion on how to develop the Indian shipbuilding industry.