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.