The Indian Government is moving towards port privatisation with plans for seven public-private partnership (PPP) port projects during 2021-22.
Presenting the first-ever digital Union Budget for 2021-22, Union Minister of Finance and Corporate Affairs, Nirmala Sitharaman announced the investment, worth around Rs2000 crore.
She also proposed a subsidy support scheme of Rs 1624 crore in global tenders floated by Ministries and CPSEs over five years to Indian shipping companies.
A proposal was also made to double the recycling capacity of around 4.5m Light Displacement Tonne (LDT) by 2024.
There are currently 12 major ports that are controlled by the central Indian Government.
These ports include Deendayal, Mumbai, JNPT, Mormugao, Kamarajar, V. O. Chidambaranar, Visakhapatnam, Paradip, New Mangalore, Cochin, Chennai, and Kolkata.
In February 2020, the Major Ports Authority Bill was approved. The Bill aims to improve the efficiency of India’s 12 major ports by enabling decision-making autonomy.