Private investments play imperative role in development of Port sector : Shripad Naik

Laying emphasis on the requirement of the private investments through public-private-partnership (PPP) mode, Minister of State for Ports, Shipping and Waterways (MoPSW) Shri Shripad Naik said private investments play an imperative role in the port-led development and taking the ensuing plans for commissioning projects under Sagarmala, inland waterways and smart port cities way forward.

Delivering his inaugural address at a two-day conclave that focused on the ‘Maritime Public Private Partnership – 2022’ hosted by Visakhapatnam Port Authority (VPA) to celebrate the 25th anniversary of the first PPP project of the port sector that began in Visakhapatnam on Wednesday, 17th August, the Union Minister highlighted four main issues of the existing PPP Model Concession Agreement (MCA).

“They include levying accountability on the concessioning authority, need for flexibility in specifying minimum guaranteed cargo (MGC), sharing of project risks and absence of a grievance redressal mechanism,” Shripad Yesso Naik explained, adding that the new MCA-2021 will be a game changer in the port sector as it aids in bridging the gaps and addressing various issues.