Union Government to spend Rs. 70,000 crore for major port’s development

Union Government is planning to spend about 70,000 crore rupees on the development of major ports as part of its ambitious Sagarmala project.
It was announced by Union Minister for Road Transport, Highways and Shipping at the first meeting of the National Sagarmala Apex Committee (NSAC).

About Sagarmala project

• In March 2015, Union Cabinet had given its ‘in-principle’ nod to this flagship project for port-led development in coastal States.
• Sagarmala project aims for holistic port infrastructure development along the 7,500-km-long coastline through modernisation, mechanisation and computerisation.
• Under this port-led development framework government hopes to increase its cargo traffic three-fold in next 5 years.
• It will benefit around 14 per cent of country’s overall population from at least 13 States and Union Territories. If inland waterways programme is included in it will benefit at least 55 per cent of all population.

Two ports Kandla (Gujarat) and Paradip (Odisha) are being developed into Green Smart Cities and the Government is eyeing at 4,500 rupees profit from ports this fiscal. At Navi Mumbai Special Economic Zone, government is investing 4,000 crore rupees which will provide employment to 1.5 lakh youth.

Month: Current Affairs - October, 2015