Fiscal reforms during the Vajpayee era

The establishment of the Tariff Authority for Major Ports, which set the stage for private investment in major ports, was another infrastructure initiative of the Vajpayee government. The tariffs levied by the port authorities had earlier been decided on by the central ministry of ports and shipping, and all investment in major ports was in the public sector. This initiative shifted the responsibility for setting tariffs to an independent authority, which was essential to attract private investment in major ports. Private investment has flourished since then. I was privileged to be a part-time member of the new authority. The 2001 Budget speech announced the corporatisation of major ports, but this reform remains to be implemented by successor governments, and the