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Gadkari urges domestic investors to pump money into shipping sector

23 Oct 2018 Evaluate

Union minister for road transport, highways and shipping Nitin Gadkari has asked domestic investors to pump their money into the various programmes undertaken by his ministry and promised them every support to improve waterway connectivity. He also said that the country's economic viability has improved and this is the right time for investors to enter the structural construction projects.

The minister said ‘we have come up with many innovative models. The Sagarmala project has opened huge investment opportunities to the private sector. We also have plans for RoRo services, hovercraft, catamarans, seaplanes among others where we want domestic companies to come forward and invest.’ Talking about the ambitious Sagarmala project, he said that it has a potential of nearly Rs 16 trillion of which around Rs 4.53 trillion is expected to come into port mechanisation and port modernisation.

Gadkari further said that his ministry is undertaking works worth Rs 2.35 trillion under the Sagarmala project in Maharashtra. He also informed that projects worth over Rs 1.50 trilllion are in various stages of implementation, while the work on remaining Rs 850 billion-worth projects is yet to begin. He said that work on these remaining projects, starting with preparation of detailed project reports, will be initiated soon. He added that government is planning to have water-way connectivity to the airports in the megapolis on the similar lines of the system in Venice in Italy.

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