Budget 2014: Sixteen new port projects to come up

New Delhi: Finance Minister Arun Jaitley on Thursday proposed to award the development of 16 new port projects in the current fiscal year.

"A policy for encouraging the growth of Indian controlled tonnage will be formulated to ensure increase in employment of the Indian seafarers. Development of ports is also critical for boosting trade," the minister told the Lok Sabha, presenting the national budget.

The minister also proposed to allocate an amount of Rs.11,635 crore for the development of the first phase of the outer harbour project in Tuticorin. According to the minister, SEZs (special economic zones) will also be developed in Kandla and Jawaharlal Nehru Port Trust at Navi Mumbai.

"A comprehensive policy will also be announced to promote Indian ship-building industry in the current financial year," the minister said.For the development of inland waterways, the minister proposed an allocation of Rs.4,200 crore to be utilised under a new project called Jal Marg Vikas (national waterways-I) on the Ganga river.The project is expected to come up between Allahabad and Haldia to cover a distance of 1,620 km over a period of six years.