Centre to invest Rs 70,000 crore in ports in 5 years

Gadkari said if we want to compete in the global market, logistic costs need to be reduced

The Centre is likely to invest around Rs 70,000 crore in 12 major ports in the next five years under 'Sagarmala', an initiative aimed at promoting 'port-led development' along India's 7,500-km coastline.

"In a recent meeting, industrialists said it's cheaper to travel from Mumbai to London than to Delhi. Our logistic cost is thrice that of China... If we want to compete in the global market, logistic costs need to be reduced. 'Sagarmala' will address all these issue by developing ports and waterways in the country," said Nitin Gadkari, minister for road transport, highways and shipping after chairing the first meeting of the National Sagarmala Apex Committee.

"We are planning to invest Rs 60,000-70,000 crore on development of 12 major ports in the next five years. We have received 104 suggestions from international consultants to increase efficiency, which will be implemented in the next few years," he added, Gadkari said the project would create huge employment and boost the country's GDP. "Very soon, the ports, shipping and highways sector will add two per cent to the country's GDP."

To transform India into an automobile hub, he said the government would build eight scrap recycle centres near ports such as Kandla to recycle used vehicles from the world over and boost automobile exports.