There is a huge opportunity available for private investors in infrastructure sectors, including ports, shipping, roads and waterways, said Nitin Gadkari, Union Minister of Shipping and Road Transport.

For instance, the Mumbai port handled nearly 80 cruise ships this year and plans to handle nearly 950 cruise ships a year in five years’ time. A large cruise terminal is being constructed at the port, and a similar plan is being worked out for Chennai also.

“We need investors. We want to start ferry services from Thiruvananthapuram to Kanyakumari and Puducherry. The government is ready to offer all support,” he said at World Shipping Forum 2017 organised by the Institute of Marine Engineers (India), Chennai chapter.

“I know the industry is facing a lot of problems. It is the duty of the government to help the industry to solve the problems, and give a new vision for development. Infrastructure development has been given the highest priority by this government. We have already taken steps to change some outdated laws in shipping and port sectors as they don’t apply to the current market conditions,” he said.

Improving efficiency and financial strength of major ports is very important.

Cumulative annual profits of ports is expected to be around ₹7,000 crore this financial year from ₹3,000 crore two years ago. “We are investing back in the ports,” he said.

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