100% FDI allowed for Port Development Projects

BY Accommodation Times News Services

Steps taken to facilitate investment in port projects

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.

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