India has launched its Cruise Bharat effort to boost its cruise tourism industry, with cruise lines set for major tax exemptions in the country.
Under Cruise Bharat, India would double its cruise passenger traffic by 2029.
"With this visionary mission, it is aimed at transforming our maritime landscape and harnessing the potential of India's vast coastline and waterways through cruise tourism,” said Sarbananda Sonowal, Minister of Ports, Shipping, and Waterways, in September.
“Based on critical pillars of infrastructure development, ramp up cruise experience for tourists and sustainability of resources, the three-phased mission will develop world class infrastructure and enable growth of cruise tourism and maritime trade," he said.
India will introduce a new taxation regime for foreign businesses operating cruise ships, Sonowal said last week. This policy will designate 20% of cruise operators’ aggregate earnings as profits.
The country will also add an income tax exemption for foreign companies involved in lease rentals that share a holding company with cruise operators, beginning in April.
India hopes to welcome one million sea cruise passengers and 1.5 million river cruise passengers by March 2029.
The country plans to open eight new international cruise terminals during this period, and increase its number of river cruise terminals from 50 to 100.
The Cruise Bharat initiative was first unveiled in September.
