CHENNAI: The government is considering to set up two new major ports, one each in Andhra Pradesh and West Bengal, as announced by Shipping Minister GK Vasan. The move is to meet the expected higher demand for energy leading to increased import of coal and oil and container volumes in the upcoming years.
While inaugurating the National Conclave on Shipping, organised by the Federation of Indian Export Organisations (FIEO), he said, “During this financial year, the Ministry of Shipping will initiate the process to get Union Cabinet approval for establishing the two ports.”
The minster has also announced that 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 5 per cent for three years would boost the port sector.
He also promised to made efforts to get Cabinet clearance for the Shipping Trade Practices Bill. The Bill seeks to bring transparency and uniformity in the way the maritime logistical trade practices are carried out in India.