"During this financial year, the Ministry of Shipping will initiate the process to get Union Cabinet approval for establishing the two ports," Vasan said, inaugurating the National Conclave on Shipping, organised by the Federation of Indian Export Organisations (FIEO).
A target has been set for award of projects for creation of 244 million tonnes of capacity spread across 42 projects at an estimated cost of Rs 14,500 crore in 2012-13, he said.
Vasan said the extension of tax-free bond scheme for one year to raise funds of Rs 5,000 crore for various projects and reduction in the rate of withholding tax on interest payments on external commercial borrowings from 20 per cent to five per cent for three years would provide impetus to port sector.
He said efforts would also be made to get Cabinet clearance for the Shipping Trade Practices Bill, which seeks to bring transparency and uniformity in the way the maritime logistical trade practices are carried out in India.
Observing that a comprehensive Land Policy aimed at optimal use of land was issued in 2010, Vasan said the Policy was being revised further to bring in more transparency. MORE
