Major public ports in India have seen first fiscal quarter growth of more than 6% in comparison to the same period in the last financial year, with the country’s 12 major ports handling more than 2.1 million TEU from April-June, 2016, compared to 1.99 million a year prior, according to JOC.com.
PTI previously reported that India was looking to build another eight major ports across the country to bring the total number up to 20 and further fuel economic growth.
Despite some political uncertainty, a greenfield deep-sea port has been approved by the Indian government and to be built near Colachel in Tmail Nadu, in order to reclaim gateway cargo lost to neighbouring regions.
A major initiative currently taking place in the country is the ‘Sagarmala’ which aims to improve ports and logistics processes in India, and is anticipated to receive US$60 billion in investments over the next five years.
The initiative recently took a new turn after the government announced that a further $2.9 billion was to be allocated to 21 port-rail connectivity projects.
Indian lawmakers have also recently revealed draft legislation which is designed to transform public port trusts in India into private and independent companies.
This followed news that India was to set up a new department in order to more effectively attract private investment.
In case you missed it, watch a video explaining the country’s Sagarmala programme:
(Source: Press Information Bureau India / YouTube)