Nitin Gadkari expects ports to chip in around Rs 7,000 cr in profit

Gadkari said there has been a 2.8% increase in the 12 state-run ports' efficiencies

Union Shipping Minister Nitin Gadkari said on Friday major ports are witnessing an improvement in efficiencies and he expects up to 40 per cent jump in their profits to Rs 7,000 crore this year.

"This year, I am hoping we will make a profit of Rs 6,000-7,000 crore," he said while speaking at state-run ship building and repair company Cochin Shipyard's listing.

Of this, the minister said he expects up to Rs 2,000 crore from the largest container port, Jawaharlal Nehru Port Trust (JNPT), alone.

Gadkari said there has been a 2.8 per cent increase in the 12 state-run ports' efficiencies compared to their private sector rivals.

The minister said the major ports' profits are steadily growing ever since the NDA government took office in May 2014.

The ports reported profits of Rs 3,000 crore in FY15, Rs 4,000 crore in FY16 and Rs 5,000 crore in FY17.

The minister said as soon as the NDA government came to power, it appointed an international consultant to recommend measures to make the ports of global standard.

The consultant came up with 120 suggestions, of which 90 have been implemented, he added.