100% Foreign Direct Investment (FDI) under the automatic route is being allowed for port development projects.
The Minister of Shipping Shri G.K.Vasan in a written reply in the Lok Sabha today said that the Maritime Agenda 2010-2020 has set a target of over 3130 million tonnes for port capacity by 2020.
The existing capacity of all major ports up to December, 2013 was 780.29 million tonnes. Income tax incentives are also allowed as per Income Tax Act, 1961 for development of port projects. Security clearance procedures have been streamlined.
Developers from foreign countries are allowed only after they are given security clearance based on inputs from Ministry of Home Affairs (MHA), Ministry of External Affairs (MEA) and Ministry of Defence (MoD), the minister added.
Press Release, February 10, 2014