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Profits from 12 major ports expected to touch Rs 7,000 crore this year: Nitin Gadkari

Chennai: Union Minister of Road Transport and Highways and Shipping Nitin Gadkari said that the profits from 12 major ports in the country were expected to touch Rs 7,000 crore this year, up from Rs 3,000 crore in 2014.

"The first year, when I took charge as Minister (in 2014) profits from these ports was Rs 3,000 crore. Next year, it was Rs 4,000 crore. The third year, it was Rs 5,000 crore. This year, we are expecting profits up to Rs 7,000 crore".

Nitin Gadkari noted that the role of all ports was very important as it creates a lot of jobs and boosts the economy.

He made the comments after unveiling a plaque commemorating the foundation stone laying ceremony of National Technology Centre for Ports, Waterways and Coasts in collaboration with IIT Madras.

Gadkari said the ministry expects Rs 15 lakh crore investments under the ambitious 'Sagarmala' infrastructure development programme.

"About Rs four lakh crore investment we are expecting to be made in road connectivity, port-rail connectivity, modernisation and mechanisation of ports. Already, work worth Rs 2.80 lakh crore" has commenced, he said.

Under this programme, the ministry planned to develop Special Economic Zones, coastal development zones, industrial, petroleum and automobile clusters.

"In Mumbai, we plan on having an SEZ where we expect investments of Rs 40,000 crore. It will create about 1.25 lakh jobs", he said.

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