According to sources, the Shipping Ministry is developing a new township policy in a significant move to revitalize areas surrounding major ports. This innovative policy aims to transform the extensive vacant lands near ports into thriving townships by inviting private players to bid for real estate development. The initiative will kick off in Visakhapatnam port and other key ports in Mumbai, Kolkata, and Chennai, with plans to eventually include all ports across the country.
A substantial Rs 5,000-crore package is also being prepared under a new viability gap funding (VGF) scheme. This scheme aims to encourage the construction of inland vessels, with plans to support the manufacturing of sea-bound vessels, including cruise ships, according to sources. The policy and funding initiative is set to significantly boost economic activity and infrastructure development in port areas, enhancing their role in India’s maritime and logistics sectors.
In recent news, it was revealed that the Visakhapatnam port led the country in marine cargo exports, with seafood valued at Rs 17,989 crore. Meanwhile, the port has also been making noise for its top 20 ranking in the latest Container Port Performance Index (CPPI), where 9 Indian ports made the list.