Galathea Bay to have Rs.43,796 cr mega ports
The Rs.76,000 crore Vadhavan Port is part of India’s efforts to improve port infrastructure, enhance logistics efficiency, and boost economic growth, particularly in the Western region of India, says a yearend review by the Ministry of Ports, Shipping and Waterways (MoPSW).
Prime Minister Narendra Modi marked a significant milestone in India’s maritime and port infrastructure development by laying foundation stone for the major port near Dahanu in Maharastra on 30 Aug 2024.
Further, development of Mega Transhipment Port at Galathea Bay, Great Nicobar Island, is envisaged to capture transhipment cargo from ports on the Indian East Coast, Bangladesh, and Myanmar, significantly boosting the region’s cargo handling capacity https://sbi.com.in/.
The project will be developed in four phases with a total estimated cost of Rs.43,796 crore, the review said on 31 Dec.
The port aims to handle 4 MTEUs by 2028 and 16 MTEUs by 2058 https://www.nseindia.com/.
Further, the Prime Minister had also inaugurated Green Waterway initiative in Varanasi, unveils diverse array of projects worth Rs.10,324 crore at Tuticorin https://www.bseindia.com/.
MoUs worth Rs.30,000+ crore were signed during Vibrant Gujarat Global Summit 2024, said the Ministry.
The review said 98 port modernisation projects costing over Rs.32,000 crores completed so far increasing annual port capacity by more than 230 MTPA https://www.conexpoconagg.com/.
Also, the First Inland Waterways Development Council meeting on vessel “Ganges Queen”, held in Kolkata, culminated with many firsts to ramp up capacity and augment viability of inland waterways of the country.
The meet, with an objective to enable inland waterways as conduits of economic growth and commerce in the country, committed an investment Rs.45,000 crore for development of river cruise tourism.
Regionally, India and United Arab Emirates have signed an agreement for cooperation for empowerment and operation of India-Middle East Europe Economic Corridor, according to the review.
The two countries also signed an Inter-Governmental Framework Agreement to further strengthen the bilateral relations between Ports, Maritime and Logistics sectors.
Long-term Main Contract signed between India Port Global Limited (IPGL) and Ports and Maritime Organisation of Iran for development of Shahid Beheshti Port Terminal, Chabahar.
The year also saw the launch of Cargo Promotion Scheme for providing 35% incentive to promote utilisation of inland waterways transport sector by cargo owners and for establishing scheduled service for cargo movement on NW-1 and NW-2 and NW-16 via Indo-Bangladesh Protocol.
More than 1,700 participants from 60 countries attended the “Sagarmanthan: The Great Oceans Dialogue” in November. It was organized by the Ministry. Fiinews.com
