Ten new public-private-partnership contracts were awarded by the Indian federal government in the fiscal year of 2014-2015 for the development of ten of India’s ports, totalling around US$1.5 billion, according to the Journal of Commerce.
In a previous news article by PTI, a massive investment of more than $1.8 billion had been spent by Nitin Gadkari, Indian Minister for Shipping, Road Transport and Highways, in a bid to further boost the country’s economy.
Pon Radhakrishnan, Indian Minister of State for Shipping, said: “To facilitate investments in port projects, the government has allowed 100% foreign direct investment under the automatic route for port development projects.”
India has been involved with a number of port projects recently, including its drive to develop Chabahar Port in Iran, despite efforts made by the US to deter India from going ahead with the project.
It has also pledged to spend around $8 billion on turning each of India’s top ports into smart cities to propel economic growth.
The country has sealed plans with the US which will see a global trade pack of $1 trillion come into fruition that aims to boost growth for the global economy.
(Source: Know India)