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New policy will optimise the value of land reserves and increase port revenues, say government
The Indian government has approved a new land use policy to enable the country’s biggest ports to lease out land for port related business activities.
According to India’s Economic Times, the 12 largest ports in India have a combined total of 2.65 lakh acres that could be leveraged under the new Policy Guidelines for Land Management by Major Ports 2014.
The policy aims to optimise the value of land reserves and increase revenues through this previously untapped resource. It is hoped that by removing the bureaucratic red tape, India's ports will become more attractive to outside investors.
In a statement, the government said that the policy will also bring more accountability and transparency into the process of land leasing and licensing and minimise the element of discretion and arbitrariness at port level.
The policy will be made applicable to all the major Port Trusts and Ennore Port Limited, except for land relating to the township areas of Kandla, Mumbai and Kolkata Ports. Governmental departments, schools, colleges and security agencies will be granted special dispensations, report the Economic Times.
