New Delhi [India], August 30 : The Vadhvan Port of which PM Modi laid the foundation stone on Friday, is set to boost India's trade in many aspects because of its strategic location and capacity.
Situated in Palghar, Maharashtra, Vadhvan Port will be India's largest deep-water port with an investment of Rs 76,220 crore.
The port will improve India's connectivity with Central Asia and Russia and will give boost trade through the International North-South Transport Corridor (INSTC) and India-Middle East-Europe Economic Corridor. The port is anticipated to lower some pressure from Jawaharlal Nehru Port, which is currently the largest container-handling port in India.
The port will become a game changer for Maharashtra's economy, as per the government estimates it will contribute over one per cent to Maharashtra's GDP and will help in the growth and prosperity of the region.
The port will also be connected with the Dedicated Freight Corridors with the Delhi-Mumbai Industrial Corridor and will ensure faster, more efficient connectivity of cargo.
The Vadhvan Mega Port will be completed in two transformative phases which will have state-of-the-art facilities with unmatched capabilities. By the end of its second phase, the Vadhvan Megaport will handle a 23.2 million TEUs.
TEU stands for "twenty-foot equivalent unit" and is a unit of measurement used in the shipping industry to measure the volume of cargo in the containers.
In terms of employment generation through the port, the government stated that it will generate around 12 lac direct jobs and over one crore indirect jobs.
According to the government, from the beginning, the port was conceived as a green port. It balances economic growth with environmental stewardship in support of India's blue economy. The port will spur economic and social development of the coastal communities and the entire region of Maharashtra.
The Vadhvan Port will also enhance India's maritime connectivity and further strengthen its position as a global trade hub. It is set to be operational by 2030.
Prime Minister Narendra Modi also called the 'Vadhvan Port project' a "very special project" and said it will contribute towards the development of India. PM Modi also said that this project will reaffirm Maharashtra as a "powerhouse of progress".
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