Sign In
Learn bits
Economy
Mahesh

30/05/22 06:43 AM IST

Paradip port project

In News 
  • Ministry of Ports, Shipping and Waterways aims for robust investor confidence by underpinning strong vision and leadership from long term strategic infrastructure plan including a pipeline of investable projects that are economically, socially and environmentally sustainable and practically deliverable.
  • One of those visionary initiatives is capital intensive project at Paradip port which will transform the port into a world-class modern port which will have capability to handle capsize vessel. 
About the project 
  • The project involves deepening and optimization of inner harbour facilities including development of western dock on build, operate and transfer (BOT) basis under Public-Private Partnership (PPP)mode at Paradip Port.
  • The estimated cost of the project is Rs 3,004.63 crore.
  • This includes development of the new Western Dock on BOT basis and capital dredging by the selected concessionaire at a cost of Rs 2,040 crore and Rs 352.13 crore respectively; and Paradip Port’s investment will be to the tune of Rs 612.50 crore towards providing Common Supporting Project Infrastructure.
  • The project will enhance the Port’s ability to handle Cape Size vessels, will contribute to Port’s capacity addition of 25 MMTPA and will result in improvement in the Port efficiency, better cargo handling, increased trade and also lead to socio-economic growth including employment generation.
Significance 
  • The project will facilitate de-congestion of the port, reduce sea freight making coal imports cheaper, and boost the industrial economy in the hinterland of the port leading to creation of job opportunities.
  • The port, after the project, can easily handle very large ships for which 18 metre draft is required resulting in reduction in logistics cost and will boost EXIM trade in the current global competitive environment.
Paradip Port 
  • Paradip Port Auhtority was commissioned in 1966 as a mono commodity port for export of iron ore.
  • In the last 54 years, the Port has transformed itself to handle a variety of EXIM cargo which include iron ore, chrome ore, aluminium ingots, coal, POL, fertilizer raw materials, lime stone, clinker, finished steel products, containers, etc.
Source- PIB 

More Related Current Affairs View All

22 Aug

Uttarakhand State Authority for Minority Education (USAME) Bill, 2025

'The Uttarakhand Assembly on Wednesday passed the Minority Education Bill, 2025, extending minority status benefits to institutions run by the Sikh, Jain, Buddhist, Christian, and

Read More

22 Aug

India needs a national space law urgently

'A nation with a strong base in science and technology is a nation with a strong backbone” — these words of A.P.J. Abdul Kalam ring truer than before as India celebrate

Read More

22 Aug

Organ transplantation

'The National Organ and Tissue Transplant Organisation (NOTTO) recently issued a direction stating that women patients and relatives of deceased donors will receive priority in org

Read More

India’s First Ai-Driven Magazine Generator

Generate Your Custom Current Affairs Magazine using our AI in just 3 steps