India to add 8 new major ports to the 12 already functional: Nitin Gadkari

MUMBAI: As part of its aggressive plans for port-led development, government today said it is looking to add eight new major ports to the already existing 12.

"We are planning to add eight new major ports, including the three already announced -- at Wadhwan in Maharashtra, Sagar in Bengal and Colachel in Tamil Nadu," Union Shipping and Ports Minister Nitin Gadkari said here a day ahead of the Maritime India Summit.

He did not reveal the locations of the other five ports, but added that the aforesaid three ports entail investment of Rs 25,000 crore and work on them will start this year itself.

After Kandla in the 1950s, India has not built any other major port. Following rapid economic growth, country saw the development of private sector non-major ports.

Gadkari said the 12 major ports together have delivered Rs 4,200 crore profit in 2015-16, and their growth rates are faster than private sector rivals as well as global peers.

Apart from it, state-run corporations such as Shipping Corporation, Dredging Corporation and Cochin Shipyard will deliver another Rs 1,500 crore in profits, taking the overall contribution by the enterprises under his ministry to over Rs 6,000 crore, he said.

From a long-term perspective, the government is planning investments of more than Rs 12 trillion in the ports and waterways sector which will help generate 1 crore new jobs, Gadkari said.