Mumbai, June 22: The proposed mega Vadhavan port in the Palghar district of Maharashtra, worth Rs 76, 220 crore, would not only boost sea-based trade but also herald a new wave of industrial development towards the country becoming the world’s third-largest economy by 2027 with a GDP of $5 trillion but also generate 10 lakh direct and indirect jobs.
The port will be developed as an all-weather Greenfield deep draft major port, which will include the development of core infrastructure, terminals and other commercial infrastructure in public-private partnership (PPP) mode.
The move by Prime Minister Narendra Modi-led government will further cement India’s position in the global port map. Managed by 12 key ports, India’s cargo volume is growing rapidly and reached 12.31 million TEUs (twenty-foot equivalent units) in FY24, up from 11.39 million TEUs in FY23, according to the Ministry of Ports, Shipping and Waterways.
Adani Ports and Special Economic Zone (APSEZ) alone has seven strategically located ports and terminals on the western coast and eight ports and terminals on the eastern coast, representing 27 per cent of the country’s total port volumes. Adani Ports reached a record volume of 420 MMT (million metric tonnes) in FY24 which is 24 per cent growth (year-on-year).
With incremental cargo volumes of 100 MMT achieved in less than two years, APSEZ is well poised to achieve 500 MMT of cargo volumes in 2025, aided by the recently acquired Gopalpur Port, and the scheduled commissioning of Vizhinjam Port in the current year and West Container Terminal (WCT) in Sri Lanka next year. In FY24, APSEZ handled 27 per cent of the country’s total cargo and 44 per cent of container cargo.
According to the ministry, the Vadhavan port will comprise nine container terminals, each 1,000 metres long, four multipurpose berths, including the coastal berth, four liquid cargo berths, a Ro-Ro berth, and a Coast Guard berth. The project involves the reclamation of 1,448 hectares of area in the sea and the construction of 10.14 km of offshore breakwater and container/cargo storage areas.
The project will create a cumulative capacity of 298 million metric tonnes (MMT) per annum, including around 23.2 million TEUs (twenty-foot equivalents) of container handling capacity. Vadhavan Port, on completion, will be one of the top ten ports in the world. The project, aligned with the objectives of PM Gati Shakti programme, also has the potential for direct and indirect employment opportunities for around 10 lakh people.
According to Maharashtra Ports Minister Sanjay Bansode, the Vadhavan port will be a game changer for the state, helping it achieve the ambitious target of a $1 trillion economy. IANS