New Port Policy
Injecting a major booster to the country's construction sector, the union cabinet in a recent move has approved a new land use policy allowing major ports to lease out land for port related activities and businesses. India has 12 major ports which together have about 2.65 lakh acres of land which can be opened up for port related construction and building activities. The move in turn will result in boosting the revenues by making optimal use of their land resources as well as enable them to become attractive destinations for investment. In addition, the new policy is also expected to boost the quantity or volume of cargo that moves through these ports daily. Under the new land use policy, the major ports can allot the land either owned or managed by the port trusts through licenses or leases and the valuation of the land will be done based on the market value TAMP that is, the Tariff Authority for Major Ports. The new guidelines will be applicable to all the major port trusts and Ennore Port except for land relating to the township areas of Kandla, Mumbai and Kolkata Ports by making optimal use of their land resources. This will also enable major ports to become attractive destinations for business and boost the cargo.