The Cabinet Committee on Infrastructure (CCI) has approved a proposal to delegate enhanced financial powers to the Ministry of Shipping (MoS) for port projects in the Public-Private Partnership (PPP) mode in line with NHDP projects in the road sector. Henceforth, CCI approval is required only for port projects costing more than Rs. 500 crores under PPP.
Earlier, approval was required for projects costing more than Rs. 300 crores.
It is hoped that the enhanced delegation of financial powers to the MoS will accelerate investment approval for PPP projects, thereby serving the public interest. Besides, the cost escalation due to delays in award of projects could be avoided, according to an official Press release.
The Ministry has been facing delays in the award of PPP projects due to the time taken in completing the approval procedures. If the port sector is delegated powers on the lines of the road sector, the time taken for PPP investment approval could be reduced. This would facilitate speedy development of port capacity in the years to come, the Press release added.
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