Great News for Port Development Projects (India)
The Government has taken following steps to make investment in Port projects more attractive:
1. Upto 100% Foreign Direct Investment (FDI) under the automatic route is allowed for Port development projects;
2. Income tax incentives are allowed as per Income Tax Act, 1961.;
3. Bidding documents like Request for Qualification (RFQ), Request for Proposal (RFP) and Concession Agreement have been standardized;
4. Enhanced delegation of financial powers to Shipping Ministry to accord investment approval for Public Private Partnerships (PPP) projects;
5. Streamlining of security clearance procedures;
6. Close monitoring by Shipping Ministry.
This information was given by Shri G.K. Vasan, Union Minister for Shipping, in a written reply to a question in the Loksabha.
Press Release, May 8, 2013