Maharashtra clears new port development policy

Offers slew of tax sops for investments; aims to make state import export hub

Maharashtra cabinet on Monday cleared port development policy for creating better facilities around 720 km coastal region of the state. Policy covers greenfield ports, jetties, coastal shipping and inland waterways, shipyards, coastal economic zones and facilitation for maritime projects. The state government has announced sops including concession on VAT, stamp duty, electricity duty, port tax and tariff.

“The policy is aimed at starting maritime development and supporting industrial activity, with emphasis on port-related development. The policy will make Maharashtra an import-export hub by development in water transport, shipping industry and port connectivity with roads and railways,” Chief Minister Devendra Fadnavis wrote on Twitter.

As per the new policy, the state-run Maharashtra Maritime Board (MMB) will be the nodal agency for all approvals concerning port development and related infrastructure.

A government official told Business Standard that the state will soon set up Maharashtra Port Connectivity Corporation with the participation of Sagarmala Development Company, MMB and the state industries department to put in place necessary infrastructure for port development. The individual connectivity project will be implemented through a special purpose vehicle in which Maharashtra Port Connectivity Corporation will be a holding company.