AndhraNews.Net - Utilisation of funds in the Port Sector

New Delhi: July 28, 2003

The Annual Plan outlay for the Port Sector during 2002-03 was Rs.1162.00 crores. Against this actual expenditure was Rs.528.04 crores (provisional) which amounts to 45.44% utilization. The shortfall in expenditure was mainly attributed to review and pruning of the outlays taking into account the decision to hand over some projects to the private sector; reduction in outlays for ongoing as also new schemes based on more realistic estimates; delay in finalization of tenders and award of contracts; reduction in contracted cost as against estimated coast resulting in reduction in expenditure and delay in sanction of projects due to procedural constraints. This was stated by Shri Dilipkumar Mansukhlal Gandhi, Minister of State in the Ministry of Shipping in a written reply to Smt. N.P. Durga in Rajya Sabha today.

The Minister further stated that the Ministry of Shipping had impressed upon Chairmen of Major Port Trusts and Heads of other organizations in the Port Sector on the need for critically reviewing the plan schemes and monitoring the pace of plan expenditure in order to ensure financial discipline and better expenditure management. Implementation of the schemes included in Annual Plan 2003-04 are being regularly reviewed and monitored closely with a view to ensure optimum utilization of the funds.

Press Release by: PIB/VCR/KSS-rel.28072003-RS

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