An investment of Rs 2.77 lakh crore will be required in the next ten years to enhance the cargo handling capacity at Indian ports to 3,130 million tonnes, said the Union Shipping Minister, Mr G.K. Vasan.

India’s share in the global trade is around 1.5 per cent and the plan is to reach at least 5 per cent in the next ten years, “which I would say is still low comparing the huge potential we have’’, he said in his inaugural address at a seminar on development of ports in Tamil Nadu.

“Our efforts have to be to find all possible ways to improve our performance, particularly our exports,’’ he said at the seminar organised by the Madras Chamber of Commerce and Industry.

About 80 per cent our India’s exports is carried by sea, out of which 60 per cent is carried through containers.

Ports play undoubtedly an important role in the economic development. There can be no two options about the need to upgrade ports, improve their efficiency and make them world-class, he said.

(This article was published on December 17, 2011)
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