FE had reported earlier that the proposed MCA would be available in a draft form by the end of 2005. In fact the formalities regarding formulation of the MCA were to have been finalised by August this year.
However by that time, the inter ministerial group (IMG) constituted for this purpose, headed by shipping secretary DT Joseph had not prepared the terms of reference, which were required by the consultants for preparing the MCA.
Addressing the economic editors conference here on Thursday, he said that the ministry has approved private sector participation in 17 projects in the port sector. The total investment in these projects is to the tune of Rs 6,000 crore.
The ministry is also considering another 21 projects involving Rs 4,517 crore for the private sector during the 10th plan, he said.
Out of 41 projects envisaged for private sector participation in the 10th plan, the ministry has so far approved 17 projects involving private sector investment of Rs 6,130 crore. u
, Mr Baalu said.
He added that the ministry proposes to develop two shipyards in the eastern as well as western parts of the country. We have just floated the proposal for two shipyards. We have not identified any location for the new shipyard development, he said.