Indian Economy News

India's major ports achieved record-breaking milestones in FY23, which boosted trade and economic growth: Mr. Sarbananda Sonowal

Union Minister of Ports, Shipping & Waterways, and AYUSH, Mr. Sarbananda Sonowal informed that FY23 saw India's major ports reach unprecedented heights, setting new records across various key performance indicators. He was speaking at the second edition of FICCI’s Port Infrastructure Conclave in New Delhi.

He noted that major ports collectively handled a record-breaking 795 million tonnes of cargo, registering a 10.4% growth over the previous year. In addition, the highest-ever output per day of 17,239 tonnes was achieved, witnessing an increase of 6% compared to last year. Moreover, the best-ever operating ratio was achieved of 48.54%. He also informed that the major ports recorded their highest-ever number of vessels handled, reaching a total of 21,846 vessels in the year.

Mr. Sarbanda Sonowal remarked that the Indian shipping ministry has witnessed a remarkable increase in the number of ships, gross tonnage, and seafarers employed. The number of Indian seafarers has grown from 117,090 in 2014 to a remarkable 250,071 in 2022, registering an increase of almost 114% in just nine years.

The Union Minister discussed India's development of advanced port infrastructure and provided an overview of upcoming plans for the marine industry. He stated, "Maritime transportation accounts for 95% of India's trading by volume and 70% by value. The most cutting-edge port infrastructure is crucial for efficient and smooth business.”

He emphasised the importance of incorporating technology into port operations, stating that "smart ports are the future, and we are already making significant strides towards this goal." India aims to optimise port operations and boost efficiency by leveraging data analytics and artificial intelligence.

He further said that major ports are under development to become hydrogen hubs for handling, storage, and transportation of green hydrogen.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.