Stating that the Sagarmala project is an ambitious plan approved by the government, Shipping secretary on Thursday told ET Now that the Ministry of Shipping has undertaken a lot of initiatives in last two years for the sector. “We have four major pillars under Sagarmala Project- development of coastal communities, connectivity with the hinterland, need to cultivate port-led industrialization and port capacity & efficiencies need to rise,” he said. Adding further details of the project he said, the Shipping Minsitry plans to undertake 199 projects worth Rs 3.31 lakh crore under Sagar Mala. “We are also looking to develop multi-modal hubs in Paradip, Vizag,” he added.
Last year, Nitin Gadkari exuded confidence that the Sagarmala project — aimed at promoting port-led development — will fetch nearly Rs 12-15-lakh crore capital investments, generate direct and indirect employment for around two crore people and provide a huge fillip to the country’s economic growth. Gadkari further said a national perspective plan under the Sagarmala project has been prepared and projects worth Rs 8 lakh crore have been identified. “This project will be a game changer. It will be the biggest project in the history of the country,” Gadkari said.
Apart from port modernisation and new port development, the Sagarmala project also aims at port-led industrialization, promoting cruise tourism, port connectivity enhancement, setting up multi-modal logistics parks, coastal community development, and development of the fisheries sector among others.
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India has around 7,500-km long coastline, but the country transports only 6% of its cargo through the waterways compared with around 55% on roadways and 35% by the railways. As a result, India’s logistics costs as a percentage of its GDP is as high as 19% compared with 12.5% in China.