$ 17.5 Bln Projects to be showcased at Maritime India Summit

Projects worth Rs. 1,20,000 Crore ($ 17.5 billion) to be showcased before potential investors at Maritime India Summit 2016, says Shri Nitin Gadkari

Indian Government's Minister for Shipping, Road Transport & Highways, Nitin Gadkari said that projects in the ports and shipping sector, worth an  investment of Rs. 1,20,000 Crore ($ 17.5 billion) will be showcased before potential investors at the Maritime India Summit to be held in Mumbai from 14-16 April, 2016.

He was talking to news persons in New Delhi today on the occasion of Media Launch of Maritime India Summit, 2016. The Minister said that the focus of the Government is on creating more jobs in the maritime sector. He added that one crore jobs – 4 million direct and 6 million indirect - have been identified to be created in 27 port based industrial clusters, coastal shipping and inland waterways under Sagarmala project.

The Minister underlined that in order to improve manufacturing, there is need to increase exports. While expressing concern over high cost of logistics in India which is currently about 18%, the Minister said that by developing coastal shipping and inland waterways, the transportation cost can be substantially reduced which will reduce logistics cost and make our products more cost effective.

Mr. Gadkari gave details of major initiatives taken by the Government to develop the maritime sector. He said new ports have been announced at Wadhavan, Enayam (near Colachel) and Sagar with investment of Rs. 20,157 crore. In addition 27 projects with investment of Rs. 12,696 crore, adding capacity of 116 MTPA have been awarded in 2015-16 which include JNPT road connectivity (Rs.2,787 Cr) , Paradip mechanisation of coal berths (Rs. 1633 Cr) , Mumbai 5th oil berth (Rs. 811 Cr) , Kandla container terminal (Rs. 263 Cr) , Kolkata FSRU (Rs. 3500 Cr) , Ennore capital dredging (Rs. 425 Cr), Paradip LPG Terminal (Rs. 690 Cr) , New Mangalore mechanization (Rs. 470 Cr) , Goa dredging (Rs. 194 Cr).

The Minister informed that 15 projects with investment of Rs. 6879 crore are to be awarded before 31st March 2016 which include Goa conversion of iron ore berths to multipurpose berths in Mormugao Port(Rs. 1100 Cr), Ennore oil terminal (Rs. 700 Cr), Ennore capital dredging (Rs. 600 Cr) , Haldia floating POL facility (Rs.460 Cr), Mumbai FSRU (Rs. 2740). He said 32 projects with investment of Rs. 4351 crore and capacity of 70 MTPA have been completed in 2015-16 while 46 projects with investment of Rs. 28,040 crore with capacity of 307 MTPA are under implementation.

Speaking on the occasion Secretary, Shipping Rajive Kumar gave details of the Summit which is scheduled in Mumbai. The media launch marks the beginning of a month long campaign to publicize the event nationally and internationally through print, electronic and outdoor media. The objective is to attract potential investment in the rapidly transforming maritime sector.