Major Port Authorities Act to take effect from mid-November
The clean-up of the Centre-run major ports through a new law is set to give a big bonanza to private firms running cargo terminals at these ports by allowing them to migrate to a market pricing regime for their services, potentially ending years of turmoil, marked by prolonged court battles and viability concerns.
The Major Port Authorities Act, passed by Parliament and notified in the gazette on February 18, seeks to give freedom to the 11 ports it covers, and new cargo handling terminals to be set up by private firms at these ports, to levy market-determined rates, by scrapping the Tariff Authority for Major Ports or TAMP, the rate regulator.