Maritime India Summit: To invest Rs 1 lakh crore to double port capacity, says PM

The Centre has firmed up a comprehensive plan to increase India's port capacity to 3,000 million tonnes (MT) by 2025 from the present level of 1,400 million tonnes. To meet this target, the government has envisaged an investment of Rs 1 trillion to meet this target, Prime Minister Narendra Modi announced in his inaugural speech at the maiden Maritime India Summit 2016 on Thursday.

The proposed plan includes development of five new ports in addition to the existing 12 major ports and the ongoing development at three new ports, the Prime Minister said. A slew of initiatives, including the Sagarmala project — which will allow leveraging of the 7,500-km long coastline — will help revive and restore India's position in the global maritime sector, he added.

Speaking about the initial efforts taken by the Centre, Modi said that major ports had added 165 million tonnes capacity with record addition each year in last two years. The traffic in major ports showed 4% growth in the same period despite global slowdown. Operating margins, which were on a decline, also saw an improvement. In the year ended March 2016, operating profit of 12 major ports increased by nearly Rs 6.7 billion, he said.

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Furthermore, he said that the Jawaharlal Nehru Port alone had posted a net profit of Rs 10 billion, helped by 12% increase in efficiency. This is just a beginning as the government wants to do more, he added. “We are enhancing our own capacities of execution and implementation of ports,” Modi noted.

Modi said the Centre is engaging with the immediate and regional neighbours to promote shippingand maritime security.

Assuring assistance on all fronts, the Prime Minister invited investors to come to India with an open mind, “This is the right time to come to India and even better time to come via sea route. Do not miss it.”Read More.