India to Build 8 New Major Ports
The Indian government has announced that it is looking to build eight new major ports in the country, which would put the total number of ports up to 20, according to the Economic Times.
Nitin Gadkari, Ports Minister and Union Shipping, said: "We are planning to add eight new major ports, including the three already announced -- at Wadhwan in Maharashtra, Sagar in Bengal and Colachel in Tamil Nadu.”
This follows news that DP World is seeking opportunities worth over US$1 billion in the country, in a bid to expand on its presence and boost trade in the region.
The operator recently announced that it will be reorganising its business units under one arm entitled Hindustan Ports Pvt in order to consolidate the ownership of its port infrastructure.
The Indian government is set to invest US$60 billion into its Sagarmala Programme, which is anticipated to provide connections for its ports via a total of 150 projects in the next 10 years.
Around 95% of traded goods currently passes through India’s ports, with more than a billion tonnes of cargo handled in 2015, and India set to become the world’s third-largest economy.
See below for an infographic of the breadth of Indian trade:
(Source: Tuscor Lloyds)