Govt expects Rs.15 lakh crore investments under Sagarmala

The Dollar Business Bureau

The Government is expecting investments worth Rs. 15 lakh crore under its ambitious 'Sagarmala' programme - for modernisation and developments of ports.

“The Ministry expects Rs.15 lakh crore investments under the ambitious 'Sagarmala' infrastructure development programme,” said Minister of Road Transport and Highways and Shipping Nitin Gadkari after laying the foundation stone for setting up of a National Technology Centre for Ports, Waterways and Coasts (NTCPWC), at IIT Chennai.

“We are expecting around Rs.4 lakh crore investment to be made in road connectivity, modernisation and mechanisation of ports and port-rail connectivity. Work worth Rs.2.80 lakh crore has already been started,” he added.

Under the Sagarmala programme, the Shipping Ministry has planned to develop Special Economic Zones (SEZs), coastal development zones, clusters for petroleum, industrial and automobile.

“In Mumbai, we plan on having an SEZ where we expect investments of Rs.40,000 crore. It will create about 1.25 lakh jobs,” the Minister said.

Gadkari further said that the profits from country’s 12 major ports was likely to reach Rs.7,000 crore from Rs.3,000 crore in 2014.

“The first year, when I took charge as Minister (in 2014) profits from these ports was Rs.3,000 crore. Next year, it was Rs.4,000 crore. Third year, it was Rs.5,000 crore. This year, we are expecting profits upto Rs.7,000 crore.”

The Minister also pointed out that the role of all the ports in the country was very significant as it generates a lot of jobs and provide a boost to the economy.

NTCPWC is being set up under the Sagarmala programme to act as a technology arm of the Ministry of Shipping to provide engineering and technological inputs and support for Inland Waterways Authority of India (IWAI) and other institutions.

“The setting up of NTCPWC would give a boost to the development of indigenous technology relevant to the port and maritime sector in India. This would also be a major shot in the arm for the Government’s Make in India programme, and provide a push to its Sagarmala programme,” according to a statement by the Shipping Ministry.

“Envisioned as a world class state-of-the - art centre, NTCPWC will be a hub for latest technology tools and reduce our dependence on foreign institutions. It will also reduce the cost of research drastically and result in cost and time savings for work in the port and maritime sector,” it added.