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Shipping ministry gets enhanced financial power

Business

In an effort to accelerate investment approval to port projects executed through PPP mode, the Cabinet Committee on Infrastructure (CCI) has approved a proposal that gives enhanced financial powers to ministry of shipping. Now, projects those are costing more than Rs500 crore has to take approval of CCI instead of Rs300 crore earlier.

This has been done in line with NHDP projects in the road sector. This will expedite the approval process and avoid cost escalation due to delays in awarding projects.

The shipping ministry has been experiencing delays in the award of PPP projects due to the time taken in completing procedures for approval. If the port sector is delegated powers on the lines of the road sector, the time taken for according investment approval to PPP can be reduced. This would facilitate speedy development of port capacity in the years to come.

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