India Development News & Foreign Investment Opportunities

Sagarmala Programme needs US$120 billion by 2020

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Investment: US$150m per CEZ

 

India has identified 600 plus projects with an estimated investment of Rs.8 lakh crore (US$120 billion) by the year 2020 under the Sagarmala Programme, Water Resources, River Development and Ganga Rejuvenation Minister, Nitin Gadkari said.

“This will save the country nearly US$6 billion per annum in logistics costs besides creating 10 million new jobs and boosting port capacity by 800 Million Metric Tonne per Annum (MMTPA) to an overall 3,500 MMTPA,” he said as he left for Nairobi on 27 Nov 2018 to attend the Sustainable Blue Economy Conference.

Coastal Economic Zones (CEZs) are being developed under Sagarmala with a proposed investment of US$150 million per location, he disclosed.

The CEZs will become a microcosm of the blue economy wherein industries and townships that depend on the sea and contribute to global trade through sea connectivity are envisaged, said the Minister.

He underlined India’s development of maritime infrastructure as well as its inland waterways and coastal shipping through the launch of the ambitious Sagarmala Programme which will revolutionize maritime logistics and port led developments in the country. fiinews.com

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