Profits from major ports to touch Rs 70 billion this year: Nitin Gadkari

Profits from 12 major ports in the country was expected to touch Rs 70 billion this year, up from Rs 30 billion in 2014, Union Minister of Road Transport and Highways and Shipping Nitin Gadkari said here today.

"The first year, when I took charge as Minister (in 2014) profits from these ports was Rs 30 billion. Next year, it was Rs 40 billion. Third year, it was Rs 50 billion. This year, we are expecting profits upto Rs 70 billion".

He noted that the role of all ports was very important as it creates a lot of jobs and boosts the economy.

He made the comments after unveiling a plaque commemerating the foundation stone laying ceremony of National Technology Centre for Ports, Waterways and Coasts in collaboration with IIT Madras.

Gadkari said the ministry expects Rs 15 trillion investments under the ambitious 'Sagarmala' infrastructure development programme.

"Abour Rs four lakh crore investment we are expecting to be made in road connectivity, port-rail connectivity, modernisation and mechanisation of ports. Already, work worth Rs 2.80 trillion" has commenced, he said.

Under this progarmme, the ministry planned to develop Special Economic Zones, coastal development zones, industrial, petroleum and automobile clusters.

"In Mumbai, we plan on having an SEZ where we expect investments of Rs 400 billion. It will create about 125,000 jobs", he said.