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Jan 03, 2018 07:13 PM IST | Source: Moneycontrol.com

Centre to form committee to push 12 stalled port projects

The committee, which will be headed by Finance minister Arun Jaitley, will have representations from other ministries including Shipping and Law. Members from NITI Aayog will also be a part of this committee

Nikita Vashisht @nikita_vashisht

The Indian coastline may see rapid infrastructure development as the Centre plans to set up a committee to look after stalled port projects worth thousands of crores.

“Just like roads, there were various projects under ports segment which were stalled due to lack of governmental approvals… Centre has decided to set up a committee under the chairmanship of Arun Jaitley to look after these projects,” Nitin Gadkari, union minister for road transport and highways and shipping said.

He said that about 10 to 12 projects have been stalled due to various reasons including environmental clearances, financial conditions and regressive policies leading to delay in projects being started.

“… There are some 10 to 12 projects that are stuck in the ports sector due to legal hurdles… Issues where we don’t have the power to solve… For such projects, the committee will be set up,” he said adding, “Ports sector had issues related to lease for storage capacity, terminal related issues… Certain existing conditions were outdated and difficult to follow”.

Also read: Centre targets investment of Rs 8 lakh crore under Sagarmala by 2020

Gadkari said that the committee might address issues related to exit policy for investors and tackle projects under Public-Private-Partnership (PPP) model.

“Committee may consider exit route for investors as the previous rules had various constraints with respect to augmenting production capacity, bringing new technology or machine,” he said.

While the government has no approximate value of these projects, Gadkari said that they could fall anywhere between Rs 10,000 crore to Rs 20,000 crore.

The committee, which will be headed by Finance minister Arun Jaitley, will have representations from other ministries including Shipping and Law. Members from NITI Aayog (National Institution for Transforming India) will also be a part of this committee.
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