Union Minister for road transport and highways and shipping, Nitin Gadkari has claimed that Sagarmala Port Project, which will get completed in 5 years, will add to industrial growth and create many new jobs.

Speaking at the Maritime Summit in Mumbai on Thursday, the minister said work with an estimate of 50 billion US $ investment is in progress.

“Coastal shipping will increase from 80 million tons annually to 400 million tons annually by 2035. Sagarmala will create 10 million jobs. Cargo will grow 12.5 times from 972 million tons per year to 2500 million tons per year by 2020. Port capacity will be doubled up from 1500 million tons per annum to 3000 million tons per annum.

Sagarmala National Perspective Plan launched by prime minister Narendra Modi will boost India’s 7500 km long coastline and 111 waterways. It is an amalgamation of 150 projects categorised into port modernisation, connectivity, port led industrialisation, and coastal community development. The government plans investments of Rs 12 lakh crore into various programmes.

Outlining figures, Gadkari said that Port led industrialisation is rupees one lakh crore infrastructure investment. Rs 4 lakh crores will be spent on infrastructure and Rs 8 lakh crore on  industrial and marine cluster investment i.e., power and steel manufacturing.

For port connectivity, 30 billion US dollar investment is expected and reduced logistics cost will compete with international market leading to increase in exports and generation of jobs. Coastal Community Development, will have an investment of 5 million US dolllar.

Gadkari said that 14 zonal economic zones have been identified in energy, cement and steel sector. The clusters will boost India’s export by 110 billion US dollar.