14-04-2016

India planning to add eight major ports: Nitin Gadkari

MP

As part of its aggressive plans for port-led development, the government on Wednesday said it is looking to add eight major ports to the already existing 12.

“We are planning to add eight new major ports, including the three already announced at Wadhwan in Maharashtra, Sagar in Bengal and Colachel in Tamil Nadu,” Union minister of road transport and highways and shipping Nitin Gadkari said a day ahead of the Maritime India Summit.

He did not reveal the locations of the other five ports, but added that the three ports entail an investment of Rs.25,000 crore and work on them will start this year itself.

After Kandla in the 1950s, India has not built any other major port. Following rapid economic growth, country saw the development of private sector non-major ports.

Gadkari said the 12 major ports together have delivered Rs.4,200 crore profit in fiscal 2016, and their growth rates are faster than private sector rivals as well as global peers.

Apart from it, state-run corporations such as Shipping Corp. of India Ltd, Dredging Corp. of India Ltd and Cochin Shipyard Ltd will deliver another Rs.1,500 crore in profits, taking the overall contribution by the enterprises under his ministry to over Rs.6,000 crore, he said.

From a long-term perspective, the government is planning investments of more than Rs.12 trillion in the ports and waterways sector which will help generate one crore new jobs, Gadkari said.

Source: PTI

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