Cabinet Decisions for Shipping Sector Revolutionary, says Nitin Gadkari

Minister of Shipping and Road Transport & Highway, Shri Nitin Gadkari has described the decisions taken by the Cabinet on March 25, 2015 regarding shipping sector as 'revolutionary and historical'. He said that the initiatives would make a very positive impact on the socio-economic situation of the country. The Union Cabinet took three important decisions in the Shipping sector. It gave its approval for enactment of Central legislation for declaring 101 additional Inland Waterways as National Waterways (NW) for navigation. In addition, the Union Cabinet gave its approval for formation of a Special Purpose Vehicle (SPV) to provide efficient rail evacuation systems to Major Ports and thereby enhance their handling capacity and efficiency. It also gave its 'in-principle' approval for the concept and institutional framework of Sagarmala Project.

Shri Gadkari said that transportation through waterways is much more cost effective compared to road and rail transportation. Stating that so far the country has only five waterways declared as national waterways, the Minister said India has large untapped potential in this regard. Regarding the rail evacuation systems to major ports the Minister said there is urgent need to improve the connectivity to ports in order to improve their operational efficiency. Regarding Sagarmala, he said the initiative will support Port-led Development through appropriate policy and institutional interventions.

 

Powered by Capital Market - Live News