29 C
Sunday, July 21, 2024

Once completed, Vadhvan Port alone can push Maharashtra economy by 1 pc: Official

- Advertisement -
- Advertisement -

MUMBAI, June 20: The upcoming Rs 76,200-crore greenfield, Vadhvan Port in Maharashtra, which received the Union Cabinet’s approval on Wednesday, has the potential to increase the state’s economy by 1 per cent once completed, a top official has said.

To be developed in two phases by Vadhvan Port Project Ltd (VPPL), the all-weather greenfield deep draft major port at Vadhvan in Palghar district will comprise nine container terminals, each 1,000 metres long, four multipurpose berths, including the coastal berth, four liquid cargo berths, a Ro-Ro berth, and a coast guard berth.

- Advertisement -

VPPL is a special purpose vehicle (SPV) formed by Jawaharlal Nehru Port Authority (JNPA) and Maharashtra Maritime Board (MMB) with 74 per cent and 26 per cent stake, respectively.

“Once this (the project) is completed, it will increase the GDP of Maharashtra by 1 per cent. It has that potential,” JNPA Chairman Unmesh Sharad Wagh said at a media briefing here.

Wagh said the upcoming port will also be the starting point for the International North’ South Transport Corridor (INSTC), which is a multi-modal transportation route linking the Indian Ocean and the Persian Gulf to the Caspian Sea via Iran and onward to northern Europe via St Petersburg in Russia, as well as for the India-Middle East-Europe Economic Corridor (IMEEC).

He also said the strategic placement of the Vadhvan port will facilitate the call of container traffic.

- Advertisement -

“The port will bridge international and Indian coasts that will accelerate the economies of scale and mitigate the logistics cost. Moreover, the port will also address the EXIM needs of industries in Vapi, Indore, Karnataka and Maharashtra,” he said.

Stating that the work on the project is expected to start after the monsoon next year, Wagh said the first phase of the port will be completed by 2029.

According to Wagh, the Vadhvan Port, which is to be built on “Land Lord Model” will not require any land as the developers will create a land of 1,448 hectares inside the sea (reclaimed land), besides construction of 10.14 km of breakwater container/cargo storage areas.

He said the investment proposal approved by the Union cabinet is to the tune of Rs 76,220 crore, adding that the central government will not give any financial assistance for this project and it “will be borne by the Maharashtra government and the JNPA”.

- Advertisement -

“We have to put in around Rs 13,000 crore. We have that money already in our bank,” Wagh said, adding that two public sector financial institutions are keen to fund the project.

Foreign financial institutions have also shown interest in funding the project, he said.

The Rs 76,220-crore project cost includes core infrastructure, terminals and other commercial infrastructure in PPP mode.

The cabinet also approved the establishing road connectivity between the Port and National Highways by MoRTH and rail linkage to existing rail network and the upcoming Dedicated Rail Freight Corridor by MoR.

The proposed deep draft all-weather major port at Vadhvan will augment the national container handling capacity by 23.2 million TEUs and will facilitate the calling of mega size container vessels capable of carrying 24,000 TEUs, as per the JNPA.

With the development of Vadhvan port, which will add to further economic activity and also have potential for direct and indirect employment opportunities for more than 10,00,000 individuals directly and indirectly, India will be one among top 10 container ports in the world, it said.

Maharashtra’s gross state domestic product (GSDP) is expected to grow by 10 per cent in FY25, Finance Minister Ajit Pawar had told the Legislative Assembly in March this year.

The GSDP, which was at Rs 38.79 lakh crore in 2023-2024, was expected to expand by 10 per cent to reach Rs 42.67 lakh crore in 2024-25, Pawar, who is also the Deputy Chief Minister, said in his reply to a debate on the interim Budget for 2024-25. (PTI)






- Advertisement -
The Hills Times
The Hills Timeshttps://thehillstimes.in/
Welcome to The Hills Times, your trusted source for daily news and updates in English from the heart of Assam, India. Since our establishment in 2000, we've been dedicated to providing timely and accurate information to our readers in Diphu and Guwahati. As the first English newspaper in the then undemarcated Karbi Anglong district, we've forged a strong connection with diverse communities and age groups, earning a reputation for being a reliable source of news and insights. In addition to our print edition, we keep pace with the digital age through our website, https://thehillstimes.in, where we diligently update our readers with the latest happenings day by day. Whether it's local events, regional developments, or global news, The Hills Times strives to keep you informed with dedication and integrity. Join us in staying ahead of the curve and exploring the world through our lens.
Latest news
- Advertisement -
Related news
- Advertisement -
7 Beautiful Indian Birds Flowers Which Bloom Only At Night Top 10 Most Dangerous Animals in India Foods That Increase Uric Acid Levels 9 Exotic Summer Vacation Destinations In India