- 118 projects involving the investment of USD 7.73 billion have been approved in last four years.
- India has 12 major ports and 64 minor ports handling Export-Import cargo.
- Indian ports handled 1605 million metric tons of cargo in 2015-2016
- A project involving the investment of over USD 10 billion identified for the award during the next five years.
- Coastal Economic Zones (CEZs) are being developed under “Sagarmala initiative” in close proximity to several ports comprising coal-based plants, steel plants & oil refineries.
- Over 7500 kilometers of coastline with 12 major and about 200 minor and intermediate ports.
- To attract investment for the growth of this sector, the Government has allowed 100% Foreign Direct Investment (FDI) in the shipping sector.
- 100% FDI is allowed under the automatic route for projects related to the construction and maintenance of ports and harbours.
- Major ports are under the jurisdiction of the Government of India and are governed by the Major Port Trust Act, 1963 (except Ennore Port which is administered under the Companies Act, 2013)
- Non-major ports are under the jurisdiction of the respective state governments maritime boards.
- A perspective plan of the government defines priority areas of investment in the Indian maritime sector. These include:
- Development of two major ports as well as two port hubs.
- Plans to implement full mechanisation of cargo handling and movement at ports.
KEY PROVISIONS IN BUDGET 2015-16 :
- Allocation of USD 1.79 billion for the development of the Outer Harbour Project in Tuticorin for Phase I.
- A Ganges-based project named ‘Jal Marg Vikas’ will be undertaken between Allahabad and Haldia. This project is to be completed over a period of six years at an estimated cost of USD 646.15 million.
- Exemptions under the Income Tax Act for Infrastructure Development, under Section 80IA.