In order to connect India's sea, coastal and river ports and to relieve congestion on its roads, reduce logistics costs, and ensure a more environmentally friendly transport model, the Indian government is set to invest US$60 billion into its Sagarmala Programme, which will involve a total of 150 projects throughout the next 10 years, according to IHS Fairplay.
Read: India Plans Automated Transhipment Terminal
Read: India’s Billion-Dollar Terminal Drive
In a statement, the Indian Shipping Ministry said: “These projects include capacity augmentation at existing ports and [the] development of five to six new ports including a transhipment hub.”
Manish Saigal, Managing Director of port and logistics tracking company Alvarez & Marsal India, said: “To attract private and foreign investment, however, there must be a package of financial incentives.
“Existing inland waterways have not been able to attract significant cargo volumes, shipping lines look at volumes. This aspect needs to be addressed.”
Read: India Pledges Huge Funding for Ports
PTI previously reported that the Indian government had undergone a reshuffle in its budget, in which more than $115 billion is now being made available for the port sector.
India’s Sagarmala project was announced in 2015, when around $10 billion was originally proposed for the project.
