India's ambitious multi-billion dollar plan to expand existing ports, set up new ones, and revive inland waterways is on schedule.
The most important sector for us is shipping because of India's coastline of 7,500 km with 12 major ports, which are making good profits.- India's Shipping Minister
In the face of stiff competition from private ports, such as the Adani Group-controlled Mundra port, India's largest container port – JNPT, is doubling its handling capacity and also establishing an adjacent Special Economic Zone (SEZ). The JNPT port, located in India's financial capital Mumbai, has already received offers from approximately 40 companies – worth an aggregate total of $9 billion – to participate in its upcoming Special Economic Zone.
The Indian government has made plans to invest an estimated $240 billion (over a few years) on a multiple-projects program, including setting up six new major ports; such as Wadhwan and Colachel. Close to $60 billion will be invested to improve port-road and port-rail connectivity, as well as additional sums have also been allotted for modernization and mechanization of existing ports.
It is hoped that by upgrading and revitalizing existing ports, as well as building new ones, India will increase its manufactured exports and international competitiveness.