Steps initiated to corporatise ports

The Union government has initiated steps aimed at corporatising India´s major ports and has started the process for appointment of a world-class consultant to come out with a draft report for amendments in the relevant act do so. The move is aimed at infusing professionalism in the major ports in order to make them compete with private sector ports as well empower financial autonomy. The Shipping Ministry is hopeful of getting Cabinet nod on the proposal in the next seven months after consultations on draft amendments with the stakeholders and its vetting by Legislative department by 30 November. Once the ports get corporate structure by conversion into entities under the Companies Act, they will have financial and operational autonomy.