33. Coming to the port sector, I am glad to report that policy initiatives designed to increase private sector participation in ports have also been successfully implemented. Overall, capacity in Indian major ports is expected to go up to 314 million tonnes this year and further to 376 million tonnes by the end of 2001-2002, along with substantial capacity addition in minor ports. There is now adequate capacity in major ports. Ships no longer have to wait for berths as was the case before.

34. Ennore port has already been corporatised and Jawahar Lal Nehru Port in New Mumbai is next, and with experience, other major ports can also be corporatized, enabling them to raise resources in the market. Successful investment is being enabled by the setting of economic tariff levels. With the formation of the Tariff Authority for Major Ports, these tariffs are being rationalised further on a continuing transparent and fair basis.