Shipping ministry eyes Rs 8,000-crore cumulative profit in FY17: Gadkari

All the 12 ports and three flagship organisations have made a profit of Rs 6,000 crore for the last fiscal, said shipping minister Nitin Gadkari

Shipping minister Nitin Gadkari today said his ministry is targeting a cumulative profit of Rs 8,000 crore from all major ports and flagship organisations in the current financial year.

"All the 12 ports and three flagship organisations have made a profit of Rs 6,000 crore for the last fiscal. This is for the first time in the history that such a revenue has been achieved," Gadkari told reporters here.

In the current financial year, a profit of Rs 8,000 crore has been targeted from the major ports and flagship organisations, which would be invested in modernisation and mechanisation, he said after chairing a Shipping ministry meeting here.

"Considering this situation, the profits by ports is remarkable achievement," he added.

Gadkari further informed that the Centre is planning to develop a major port at Bellakari near Karwar in Karnataka.

"There are some forest and environment issues. We already had discussions with the Karnataka Chief Minister and they are interested in the construction of this port," the minister said.

"In Sagarmala Maritime World Conference, we have already planned for infrastructure development – port rail, port road and its mechanisation – at the cost of Rs 4 lakh core," he said.

"We are developing 27 industrial clusters near port-led development (zones) and we expect investment of 8 lakh crore. This will create 60 lakh jobs indirectly and 40 lakh direct jobs," he added.