With a view to attract more investments into the maritime sector, the Shipping Ministry plans to introduce a new maritime policy expected to be finalised in the next one month which will replace the existing National Maritime Development Programme (NMDP).

The new plan will have a 10-year validity beginning this year (2010) and extending up to 2020.

"We are planning to launch a new maritime policy to attract investment from private players in the maritime sector. The new policy (expected to be ready in one month) will replace the National Maritime Development Programme (NMDP), whose validity is till 2012," Shipping Secretary, K Mohandas, told PTI here.

The new plan will include a policy framework for stimulation of capacity expansion as well as growth of the maritime sector and supplementary projects for ports development from other infrastructure ministries like the National Highway Authority of India, roads, railways, inland waterways, dredging mechanisation and modernisation plan of major ports and non-major ports, among others, Mohandas said.

The Ministry of Shipping has constituted a sub-group and core working group for preparation of the policy, he said.

The new plan will also focus on coastal shipping which has an an immense business potential, he said. .

"Coastal shipping would be another focus area in the policy, where we can expect more investment from other countries," Mohandas said, adding, the plan would also specify the number of new ports to be built under the PPP mode as well other maritime infrastructure development plans.

Besides, the Government of India (GoI) has finalised a model request for qualification, request for proposal and model concession agreement to ensure uniformity and transparency in bidding process to attract and encourage more private sector investment in the port sector.

As at March 31, 50 projects have been completed under the National Maritime Development Program in the port sector at a cost of Rs 5,717.28-crore. In addition, 74 projects are under progress envisaging an investment of Rs 18,502.68-crore, he said.

Out of the total investment of Rs 55,804.00-crore in the port sector, a major portion of investment is envisaged to come from the private sector, Mohandas said.