New Delhi, Dec 18: India’s blue economy is all set to receive a big push from the Modi government as Centre plans to infuse Rs eight lakh crore for port development and modernisation in the next two years, a four-fold increase from the present investment levels.
Sources from the government said that the government has received an investment of a little over Rs two lakh crore this fiscal under various projects of Sagarmala, shipping ministry’s flagship programme for port development and connectivity.
“We are targeting investment close to Rs eight lakh crore by 2020,” a senior government official confirmed, requesting anonymity, adding, “This year, investment was Rs 2.16 crore and last year it was Rs 1.37 crore”.
Sagarmala project, which received government’s nod in 2015, aims at promoting “port-led direct and indirect development” and augmenting infrastructure facilities to “transport goods to and from ports quickly, efficiently and cost-effectively”.
The official said that projects under Sagarmala are at various stages of implementation depending on the category of project including modernisation, port industrialization, port connectivity and coastal area community development.
“Investments have come under various zones in the last couple of years. The projects are under various degrees of implementation,” he said.