Indian Ports witness active growth in the current FY

Cargo transport is expected to fuel the next stage of growth at Indian ports. The pace at which cargo transport is increasing, along with the government’s initiatives to improve the condition of Indian Ports, substantial growth of cargo transport is expected in the coming financial year as well.
As stated in a report by LIVE Mint, active growth of 3.24% was registered at Indian Ports during April-September period.
According to the data released by Ministry of Shipping, the overall traffic growth at major Indian Ports increased in single digit. Between April to September 2017, the dozen major ports of India together handled 383 Million Tonnes (MT) of cargo as against 371 MT handled during the corresponding period last year.
These included ports in Kolkata, Paradip, Chennai, Cochin, New Mangalore, Mumbai and Jawaharlal Nehru Port Trust (JNPT) in Mumbai. Cochin Port registered the highest increase in traffic at 19.62% followed by Kolkata, New Mangalore and Paradip at 12%.
When it comes to cargo handled at these dozen Indian ports, the highest growth was witnessed at Cochin Port followed by Kolkata, New Mangalore and Paradip.
The increase in growth was due to higher consignments of petroleum, oil and lubricants (POL) and containers. POL had the maximum share of traffic at 34.01%, followed by containers (20.22%), thermal and steam coal (12.66%), coking & other coal (7.6%), iron ore & pellets (6.65%).
“Growing ports are becoming catalysts for shaping the Prime Minister’s vision of a ‘New India’. The Government is committed towards inclusive development to generate continuous growth and prosperity. Timely delivery of projects will help give the much needed boost to economy,” said minister for ports and shipping Nitin Gadkari.
Notably, India’s 12 major posted a record profit of Rs 5,000 crore in the last fiscal year. Moves by the shipping ministry to reduce the turnaround time of ships and add non-core commodities to the freight basket helped the ports increase their profit from Rs 4,000 crore in 2015-16.
Volume of sea-borne cargo is essentially in the nature of derived demand and mainly shaped by levels and changes in both global and domestic activity.

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