EAST COAST PORT TRAFFIC RISES 43%
With China emerging as India’s dominant trading partner, along with other countries in the East, the fortunes of the non-major ports on the East coast soared to attract a robust 43 per cent increase in total traffic in FY16 up from 10 per cent over a period of 10 years, reflecting a huge shift in trade.
China’s imports in 2015 were 7.9 per cent and exports 1.8 per cent.
India can save $30 billion by moving part of trade closer to ports by 2020, according to a research report on India’s maritime sector by Ernst & Young (EY) in association with Andhra Pradesh Chambers of Commerce and Industry Federation.
The series of measures by the government like the Sagarmala initiative, can save the country up to $28 billion in infrastructure investment and another $3.3 billion in transportation cost if 50 per cent of overall trade moves closer to ports by 2020.
Mr Kiran Malla, director, corporate finance & strategy, Ernst Young India said “If India has to become a global super power by 2030 it has to get ready to make the next big leap in trade. The right strategy would be to create economic epicentres around modern ports with world class infrastructure.”