Shipping Minister GK Vasan today sought more participation from the private sector in developing ports, saying investments in the sector is expected to reach Rs 50 lakh crore in the 12th Plan.
"The strategy of the government is to increase investment in infrastructure through a combination of public and private partnerships. During the 12th Plan period, infrastructure investment is expected to go up to Rs 50 lakh crore", he said.
Noting that the share of non-major ports (in developing infrastructure) has increased to 36 per cent (2010-11) from 7% (1990-91), he said "the congestion at major ports is costing in terms of time and money".
Inaugurating the Annual regional meeting and Conference on "Thriving in an imbalanced world" organised by CII here, he said that the Indian maritime sector plays a crucial role in facilitating country's international trade.
"Cargo handling is projected to increase significantly at all ports during the 12th Plan (April 2012-March 2017). The immediate focus has to be on building vibrant, efficient and safe ports and shipping services and a strong base for ship building", he said.
Observing that country's economic growth was based on meeting infrastructure needs, Vasan called for more investments in sectors such as roads, airports and railways.
In the port sector, capacity augmentation and efficiency improvement would require increased investment from the private sector, particularly for mechanisation of cargo handling, deepening of draft at ports, besides strengthening port connectivity, he said.
"With these measures in place, I am sure, the port sector would contribute handsomely to the development of the economy in spite of global uncertainties", Vasan said.