The government on Thursday unveiled a new policy for the Shipping sector that entails an investment of Rs 5 lakh crore by 2020 to take the ports capacity to 3,200 MT and bring in major reforms in the space.

“The Maritime Agenda 2020 is a perspective plan that replaces the current National Maritime Development Project. We plan to take our port capacity to 3200 million tonnes (MT) from 617 MT on March 31, 2010,” said Mr G K Vasan, Union Shipping Minister while launching the policy.

Out of the Rs 5 lakh crore investments proposed in the sector, Rs 3 lakh crore would be in the port sector, while the remaining Rs 2 lakh crore will be infused in the Shipping sector.

“Under the plan, we want to increase India’s share in global shipbuilding to 5 per cent from the present 1 per cent,” Mr Vasan said adding that other initiatives include formulating a new Dredging Policy, promote coastal shipping and increasing the share of Indian ships in country’s Exim trade.

Mr Vasan said the present Rs 1.39 lakh crore NMDP plans which were to expire on March 31, 2012 will be replaced with the new agenda. Of the 276 projects identified under the NMDP through public-private-partnership (PPP) mode, the government plans to award 21 projects worth Rs 13,952 crore projects in the current fiscal. Six such projects to augment the capacity of 13 major ports have already been awarded.

Elaborating other initiatives to be taken under the new agenda, Mr Vasan said the Government would set up to more major ports in the country - one each on the East and West coast, in addition to the existing 13 Major ports.

Besides, four major ports - two on the east coast - Vizag and Chennai and two on the West coast - Jawaharlal Nehru Port Trust and Cochin port would be converted into major hubs.

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