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New port bill to provide autonomy to ports: ICRA

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Dion Global

09 Jan 2017

A research report has said that the Major Port Authorities Bill, which seeks to provide significant operational autonomy to the major ports, will allow the 12 state-run entities to work like a corporate with full flexibility.

Domestic rating agency Icra in a report said "the Union shipping ministry aims to enable the port authorities to function like a corporate entity and provide autonomy and flexibility to operate, besides bringing in a professional approach in their governance."

Commenting on the issue, K Ravichandran, senior vice-president at Icra told the media, “The move will give autonomy to ports in raising loans sans government approvals, which is a potential positive as in the past some major ports have struggled to implement expansion plans because of lack of funds.”

Approval by the Cabinet for the Bill is credit positive for the 12 major ports. The Bill seeks to provide significant operational autonomy to the major ports and should ensure quick decision- making, attract investments as well as leverage the land assets,” he added.