By implementing policy changes, utilising its strategic location and capitalising on growing demand, India’s largest port, Jawaharlal Nehru Port, aims to become one of the top 10 global ports within the next five years.
According to The Dollar Business, the Indian government has recently announced the establishment of a Special Economic Zone (SEZ) at Jawaharlal Nehru Port Trust (JNPT) at a cost of around $US645 million.
The aim of the project is to develop free-trade warehousing zones for sectors that include engineering and textiles.
Chairman of Jawaharlal Nehru Port, N. N. Kumar, said: “The proposed SEZ, apart from having a huge socio-economic advantage, shall ensure promotion of export-based industries leading to assured throughput for the Port.”
Jawaharlal Nehru Port currently has a market share of almost 56%, with a recorded TEU throughput of 4.16 million for the financial year of 2013-2014.
The port aims to expand on this capacity to 10 million TEU by building a fourth container terminal by 2020-2021.
Kumar said that the current capacity constraints are causing the port to tranship containers from countries such as China and Singapore, saying “…this is why it is necessary to have a big world-class container port so that we can save on transhipment cost as well as attract mother vessels to India.”
The port is currently ranked thirty-fourth in the World Shipping Council’s list of top ports, with Colombo Port in Sri Lanka ahead by one place at number 33.
Jawaharlal Eyes Top 10 Position. (Source: Live Mint)
