This act recognized Inland Water Transport (IWT) as a fuel-efficient, cost-effective, and environment-friendly mode of transport. It declared 111 (5 existing and 106 additional) waterways as national waterways. The systematic development of national waterways would open up untapped economic and transportation opportunities in the country. This amendment deregulated the tariff regime to help correct the mismatches in the berth capacities and present requirements for some commodities. Merchant Shipping Act, 1958 Amendment: This amendment ensured compliance with the International Convention on Civil Liability for Bunker Oil Pollution Damage. The convention ensures that adequate, prompt, and effective compensation is available to persons who suffer damage caused by oil spills, when carried as fuel in ships’ bunkers. Ship Building and Ship Repair Policy: This policy approved in December 2015 provides a boost to the shipbuilding and ship repair industry3. Some of the salient features are: Financial assistance equal to 20% of contract price or the fair price, whichever is lower, will be granted to shipyards for a period of at least ten years commencing from FY 2015-16