The maritime sector in India finally got much awaited shot in the arm from Government of India's intent to accelerate development of maritime sector. In the recently organized Maritime India Summit 2016, Prime Minister of India announced commitment of over RS. 100000 crore (~$15 billion) to transform the maritime sector. The $15 billion port development plan, called Sagarmala, aims to facilitate the upgradation of the Indian ports and integrate them with the special economic zones (SEZs), ports based smart cities, industrial parks, warehouses & logistics. The port development programme will feature 250 projects, with investment opportunity in the Maritime Sector, including different infrastructure development opportunities in 12 major ports projects in eight maritime states and other agencies. As part of the initiative government aims to increase country's port capacity from 1,400 million tonnes to 3,000 million tonnes by 2025.
Blessed with 7517 km stretch of coastline and over 14500 km of navigable inland waterways, sea-route was the untapped potential in the multi-modal transportation facilities in India. Sagarmala initiative, is hinged on four strategic levers, optimizing multi-modal transport to decrease the cost of domestic cargo, reducing the time and cost of export-import cargo logistics, lowering costs for bulk industries by locating them in the vicinity of the coast, and enhancing export competitiveness by locating discrete manufacturing clusters near ports. The Sagarmala port development programme is anticipated to pave the way for annual logistics cost savings of around $5.25bn and is projected to enhance India's merchandise exports to $110bn by 2025. The programme is also expected to generate approximately ten million jobs. However, success of the program is also hinged on the private participation that the program would see and given the success of PPP in the sector, it's only inevitable that the private sector will participate to its full potential.
InfraInsights through the report "Demand Outlook for Ports Equipment Market in India by 2025: Quantifying emerging business opportunity for ports equipment manufacturers' as government aims to increase country's port capacity from 1,400 million tonnes to 3,000 million tonnes by 2025" aims to comprehend and layout, how Governments' plan to double port capacity augurs well for the port equipment manufacturers like Kone Cranes, Liebherr, Cargotec etc.
To read the complete report at: http://www.marketreportsonindia.com/industry-mfg-market-research-reports-915/ports-equipment-india-touch-billion.html
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