Raghavan says the Vizhinjam port will be set up with private participation. "The government will soon invite an expression of interest for the project and will also organise an investors' meet in January 2004 to identify investors for the project. The first phase is proposed to be completed by 2007. The estimated cost of the project is Rs 4,500 crore."

Raghavan also says the recent amendments to the Banking Regulation Act will affect the functioning of the cooperative societies in the state. "The amendments are aimed at bringing the cooperative organisations in various states under the purview of the centre. A meeting of cooperation ministers of all Indian states will be held in Kolkata next month to press the central government to reconsider the decision."