The Union Cabinet has approved a proposal to license land to developers of projects at four major ports under public-private partnership (PPP) mode to strengthen the ports' capacity. It cleared one project on lease basis for setting up a cement bagging plant at Cochin Port.
These four projects have been taken up in terms of the extant policy of Government of India to pursue Maritime Development Projects under the PPP mode.
This decision will help in augmenting the capacity of ports expeditiously through Public Private Partnerships and will also bring about efficiency in operations at major ports which will benefit the trade and the economy as a whole.
The approval given for investment of $4.3 billion in World Bank bonds will help the country get additional funding for infrastructure projects. India has almost reached the limit for borrowing from the World Bank and investing in these bonds is expected to widen the scope for more loans.