VISAKHAPATNAM: The Shipping Ministry is also finalising a Coastal Shipping Policy and formulating a Major Ports Regulatory Authority for development of the port sector, Union minister for shipping GK Vasan said. The government is allowing 100 per cent foreign direct investment under automatic route for port development projects apart from 100 per cent income tax exemption for 10 years, he added. Vasan laid the foundation stone for construction of EQ-I berth at Port area here on Friday. Speaking on the occasion he said that India was an emerging and vibrant economy and has been growing consistently despite the global recession. The shipping ministry has been continuously engaged in designing and implementing various projects for development of port sector. The ministry is targeting nine projects in the 11th plan under PPP mode in Visakhapatnam Port with an investment of Rs 2,144 crore, out of them six have been approved by the government.
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