New govt policy to promote coastal shipping in the works

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The government is working on a new policy to promote coastal shipping in the country, reports Hindu Business Line , quoting Shipping minister GK Vasan. Speaking in Chennai, Mr Vasan said a new land policy and a policy to prevent monopoly in ports had been brought in. He added that the ministry is also working on a new policy to promote coastal shipping. Vasan said, a package has been formulated to promote Indian ship building, which is expected to be taken to for Cabinet approval very soon.

On plans for the sector, he said a target had been set of quadrupling India's port capacity to 3200 million tonne over the next 10 years.

Vasan said the port and shipping sector has seen a 23.8% growth in exports during the 2004-05 to 2008-09 period.

Source: The Hindu Business Line