Port projects of less than 500 crore no more need nod from the Cabinet

The Cabinet Committee on Infrastructure (CCI), in a great strategic move, has approved the proposal of delegation of enhanced financial powers to the Ministry of Shipping for Port Projects in the Public-Private-Partnership mode. This facility has already been extended to NHDP projects in the road sector, an official statement said. The statement added that those port projects under PPP mode costing more than INR 500 crore require approval from the Cabinet Committee on Infrastructure. This revised enhanced delegation will certainly avoid delay and speed up the approval process for investments in PPP projects. Another great advantage is avoiding cost escalation of the projects due to delay in getting approval for the project. This delegation of enhanced financial powers must bring a great relief to the Ministry of Shipping since it has been experiencing delay in the award of PPP projects on account of delay in approval procedure. Ultimately, this strategic administrative stride will develop port capacity fast in the years to come.

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