On Wednesday, the Cabinet gave its approval for the construction of a massive Rs 76,200 crore all-weather greenfield deep-draft port at Vadhavan in Maharashtra. This decision indicates the government of the National Democratic Alliance (NDA) intends to keep pushing public investment in infrastructure.
Approval of Projects
The Cabinet also approved viability gap funding for projects worth Rs 2,870-crore to expand Varanasi airport and Rs 7,453 crore to fund offshore wind energy projects, including one in Gujarat.
When it is finished, the new port on the west coast will rank among the top 10 ports in the world with a cumulative capacity of 298 million metric tonnes annually. It will be built in 74:26 joint venture by Jawaharlal Nehru Port Authority and Maharashtra Maritime Board (MMB), through an SPV called Vadhavan Port Project. Significant private investments will also be made in this project. Core infrastructure, terminals, and other commercial infrastructure that are developed through public-private partnerships (PPP) are all included in the project cost.
THe Information and broadcasting minister Ashwini Vaishnaw said, “Today, in the country we have 20 million TEUs (Twenty-foot equivalents) capacity in all ports put together. Compared to this, Vadhavan Port alone will have 23 million TEUs. This port alone will have more capacity than all ports together in the country now.”
Road connectivity between the port and national highways, as well as access to the existing rail network and the upcoming Dedicated Rail Freight Corridor, have all been approved. “The port will comprise nine container terminals, each 1,000 meters long, four multipurpose berths, including the coastal berth, four liquid cargo berths, a Ro-Ro berth, and a Coast Guard berth.”
For the 2024-25 kharif season (July-June), the Cabinet also approved increases in the minimum support prices (MSP) of 14 crops ranging from 1.4 to 12.7%. However, the support price for paddy, the main summer crop, was only slightly increased by 5.35% to Rs 2,300/quintal.
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