In­dia Govt to sign pacts worth Rs 72,000 crore at ship­ping sum­mit

The Pak Banker - - MARKETS/SPORTS -

Over 150 projects will be show­cased for in­vest­ment un­der the Sa­gar­mala Pro­ject for port mod­ern­iza­tion. The govern­ment is ex­pected to sign agree­ments worth over Rs. 72,000 crore with pri­vate play­ers on port-re­lated projects at the In­dian Mar­itime Sum­mit to be held in Mum­bai next month.

The Min­istry of Ship­ping has iden­ti­fied 109 projects worth Rs.72,864 crore on which agree­ments will be signed dur­ing the event to be held from April 14-16. South Korea will be the part­ner coun­try for the Sum­mit, Road Trans­port, High­ways and Ship­ping Min­is­ter Nitin Gad­kari said here on Wed­nes­day.

The sec­tors iden­ti­fied for in­vest­ment in­clude ship-build­ing, ship re­pair and re­cy­cling, port mod­erni­sa­tion, new port de­vel­op­ment and multi-model lo­gis­tic hubs among oth­ers. Mr. Gad­kari said, in ad­di­tion, more than 150 projects will be show­cased for in­vest­ment un­der the Sa­gar­mala Pro­ject for port mod­erni­sa­tion.

Prime Min­is­ter Naren­dra Modi will in­au­gu­rate the sum­mit on April 14. "We are plan­ning to cre­ate 40 lakh di­rect em­ploy­ment and 50 lakh in­di­rect em­ploy- ment (op­por­tu­ni­ties)in five years in the mar­itime sec­tor," Mr. Gad­kari said.He said high lo­gis­tic costs was one of the fac­tors hurt­ing the man­u­fac­tur­ing sec­tor.

The Min­is­ter said while lo­gis­tic cost was 18 per cent in In­dia, it was 8-10 per cent in China and 10-12 per cent in Euro­pean coun­tries. "If de­vel­op­ment near ports hap­pen and we are able to cut the lo­gis­tic costs by four per cent, the ex­ports will dou­ble," the Min­is­ter said. Mr. Gad­kari said the govern­ment will award ten­ders for 15 projects worth Rs. 6,700 crore be­fore March 31 in ad­di­tion to the on­go­ing projects.

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