Paradip Port Update: The Ministry of Ports, Shipping, and Waterways is all set to transform Odisha’s Paradip port into a world-class modern port, which will have the capability to handle capsize vessels. According to a statement issued by the Ministry of Ports, Shipping, and Waterways, the decision has been taken by the government with a futuristic approach as Prime Minister Narendra Modi has been laying emphasis on the development of eastern states. The project, according to the ministry, involves deepening as well as optimization of inner harbour facilities including the development of the western dock on a BOT basis under PPP mode at Paradip Port.
The project’s estimated cost is Rs 3,004.63 crore. This includes the development of the new Western Dock on the build, operate and transfer basis at a cost of Rs 2,040 crore and capital dredging by the selected concessionaire at a cost of Rs 352.13 crore; and the investment of Paradip Port will be to the tune of Rs 612.50 crore towards providing Common Supporting Project Infrastructure. According to Ports, Shipping and Waterways Minister Sarbananda Sonowal, the project’s success is a milestone toward Paradip Port becoming a Mega Port. This is in line with PM Modi’s vision of the development of Eastern States, he said.
Sonowal further said the project will enhance Paradip Port’s ability to handle Cape Size vessels, will contribute to the capacity of the port, in addition to 25 MMTPA, and will result in improvement in the Port efficiency, increased trade, better cargo handling as well as lead to socio-economic growth including generation of employment. According to the ministry, the Paradip Port project will facilitate the port’s de-congestion, reduce sea freight, making coal imports cheaper, as well as boost the industrial economy in the port’s hinterland leading to the creation of job opportunities. After the project, the port can handle very large ships easily for which 18 metre draft is required resulting in a reduction in logistics cost as well as boosting EXIM trade in the current competitive environment, the ministry added.