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Investments Opportunities in Indian Shipping Industry for NRIs
Submitted by harjeet_singh
Fri, 1 Feb 2013
The Indian Shipping segment, with 187 minor ports and 13 major ports spread across nine maritime states, is poised to mark exponential growth in the years to come. The Government of India is geared to attract foreign investors in India by embarking on public-private partnership (PPP) route for modernisation and expansion of the Indian ports.
The total capacity of the port sector is envisaged to be 2,301.63 million tonnes (MT), to meet the overall projected traffic of 1,758.26 MT by 2016-17, as per the 12th Five Year Plan (2012-17) document. "The traffic forecast by the end of the 12th Plan would be 943.06 MT and 815.20 MT for the major and non-major ports respectively, with corresponding port capacities of 1,241.83 MT and 1,059.80 MT respectively," it added.
According to the Planning Commission, the capacity of Indian ports will have to nearly double to 2,302 MT over the next five years to be able to handle the fast growing cargo traffic.
The shipping industry of India has witnessed various deals and developments pertaining to foreign direct investment in India.Indian Shipping Industry Goes GlobalAs the Government of India is determined to get Indian shipping industry at par with the global standards, it is in continuous discussions with foreign investors in India and across the world to achieve the growth targets.
The Ministry of Shipping expects that the bi-lateral co-operation would enable Indian organisations to acquire appropriate know-how, scientific knowledge and research and development (R&D) capabilities from the European country.
Moreover, India has recently shown interest to adopt new technology regarding decongestion of ports; information technology for the movement of container traffic and maritime training from Germany.Investment Opportunities in Indian Shipping IndustryAt the beginning of the financial year (2010-11), the Ministry of Shipping fixed a target of 21 projects under PPP for the major ports out of which two projects have been awarded so far at Tuticorin Port and Ennore Port.
The Government of India is focusing on port infrastructure development in the country and is promoting private participation and foreign direct investment in India. The Government has allowed 100 per cent foreign direct investments under the automatic route for:
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