Govt Utilises State-Owned Ports for New Maritime Fund, Port Development
PORTS & SHIPPING

Govt Utilises State-Owned Ports for New Maritime Fund, Port Development

The Indian government is tapping into the financial resources of state-owned ports to spearhead the development of new ports and establish a dedicated maritime fund. This strategic initiative aims to bolster the country?s maritime infrastructure and enhance its port capacities.

In a recent move, the government has directed cash-rich state-owned ports to contribute to the creation of a maritime development fund. This fund will be utilised to finance the construction of new ports and upgrade existing facilities, ensuring that India?s port infrastructure keeps pace with the growing demands of international trade.

Union Minister of Ports, Shipping, and Waterways, Sarbananda Sonowal, emphasised the significance of this initiative in reinforcing India?s maritime capabilities. ?By leveraging the financial strength of our state-owned ports, we can expedite the development of new ports and modernise our existing infrastructure. This will significantly boost our capacity to handle increased cargo volumes and improve operational efficiencies,? he stated.

State-owned ports, including major players like the Jawaharlal Nehru Port Trust (JNPT) and the Deendayal Port Trust, have been identified as key contributors to this fund. These ports have consistently demonstrated robust financial performance, making them suitable candidates to support the government's ambitious infrastructure projects.

The establishment of the maritime fund is also expected to attract private investments and foster public-private partnerships in the port sector. By ensuring a steady flow of capital for port development projects, the government aims to create a more competitive and efficient maritime ecosystem.

Additionally, the development of new ports is seen as a critical step in decongesting existing ports and enhancing the overall capacity of the country's port network. New ports will be strategically located to cater to specific regional needs, thereby optimising cargo handling and reducing transit times.

This initiative aligns with the broader vision of the Sagarmala Programme, which seeks to promote port-led development in India. By integrating port development with hinterland connectivity and industrial growth, the government aims to transform India's coastline into a global manufacturing and logistics hub.

Industry experts have welcomed the move, noting that improved port infrastructure will enhance India's trade competitiveness and support economic growth. The focus on state-owned ports ensures that the development process is anchored by entities with proven operational expertise and financial stability.

As the government rolls out this initiative, it is poised to make significant strides in fortifying India?s maritime infrastructure, ensuring that the nation remains well-positioned to meet the demands of global trade and logistics.

The Indian government is tapping into the financial resources of state-owned ports to spearhead the development of new ports and establish a dedicated maritime fund. This strategic initiative aims to bolster the country?s maritime infrastructure and enhance its port capacities. In a recent move, the government has directed cash-rich state-owned ports to contribute to the creation of a maritime development fund. This fund will be utilised to finance the construction of new ports and upgrade existing facilities, ensuring that India?s port infrastructure keeps pace with the growing demands of international trade. Union Minister of Ports, Shipping, and Waterways, Sarbananda Sonowal, emphasised the significance of this initiative in reinforcing India?s maritime capabilities. ?By leveraging the financial strength of our state-owned ports, we can expedite the development of new ports and modernise our existing infrastructure. This will significantly boost our capacity to handle increased cargo volumes and improve operational efficiencies,? he stated. State-owned ports, including major players like the Jawaharlal Nehru Port Trust (JNPT) and the Deendayal Port Trust, have been identified as key contributors to this fund. These ports have consistently demonstrated robust financial performance, making them suitable candidates to support the government's ambitious infrastructure projects. The establishment of the maritime fund is also expected to attract private investments and foster public-private partnerships in the port sector. By ensuring a steady flow of capital for port development projects, the government aims to create a more competitive and efficient maritime ecosystem. Additionally, the development of new ports is seen as a critical step in decongesting existing ports and enhancing the overall capacity of the country's port network. New ports will be strategically located to cater to specific regional needs, thereby optimising cargo handling and reducing transit times. This initiative aligns with the broader vision of the Sagarmala Programme, which seeks to promote port-led development in India. By integrating port development with hinterland connectivity and industrial growth, the government aims to transform India's coastline into a global manufacturing and logistics hub. Industry experts have welcomed the move, noting that improved port infrastructure will enhance India's trade competitiveness and support economic growth. The focus on state-owned ports ensures that the development process is anchored by entities with proven operational expertise and financial stability. As the government rolls out this initiative, it is poised to make significant strides in fortifying India?s maritime infrastructure, ensuring that the nation remains well-positioned to meet the demands of global trade and logistics.

Next Story
Infrastructure Energy

KEC Secures Rs 10, 380 Mn Substation Order in Saudi Arabia

KEC International Ltd., a global infrastructure EPC major, and an RPG Group company, has secured a new order worth Rs 10,380 million for the Design, Supply and Installation of a 380 kV GIS Substation in Saudi Arabia.Vimal Kejriwal, MD & CEO, KEC International Ltd., commented, “We are delighted with the successive order wins in our T&D business. In a landmark achievement, we have secured our largest ever substation order. This prestigious order in the Middle East has widened our portfolio and strengthened our presence in the region. With this strategic win, our year-to-date or..

Next Story
Infrastructure Urban

Central Bank of India executes first fully digital SCF deal on PSB Xchange

In a major advancement for India’s banking sector, Central Bank of India (CBI) has successfully completed the country’s first fully digital supply chain finance (SCF) transaction on PSB Xchange—a unified multi-lender platform launched by PSB Alliance. PSB Xchange is designed to connect public and private sector banks, NBFCs, and fintechs with corporates and their channel partners to facilitate supply chain finance and small business loans. The transaction marks the first time a fintech-originated corporate lead has been seamlessly processed through the PSB Xchange ecosystem. The lead fl..

Next Story
Infrastructure Energy

Atlanta Electricals secures Rs 1,835 Mn transformer order from BNC Power

Atlanta Electricals Limited (“Atlanta”) has secured an order worth Rs 1,835 million from BNC Power Projects Ltd for the supply of extra high voltage (EHV) transformers and a bus reactor for its Pugal site. The contract includes a mix of 315 MVA, 400 KV and 100 MVA, 132 KV transformers along with a 400 KV bus reactor. The project scope encompasses design, manufacturing, testing, and supply to the project site. Deliveries will be sequenced following engineering and drawing approvals, offering multi-quarter execution visibility and ensuring a steady production run-rate. The order will be ex..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?