Cabinet clears ₹3,000-cr for Paradip Port Project

The Union government has approved ₹3,000 crore to upgrade Paradip Port into a world-class port facility by setting up a dock. The port, which is located in Odisha, is one of the 12 major ports under the control of the Centre and handles the cargo of about 115 MT which is likely to increase substantially to about 400 MT by 2030. The decision to set up the western dock was taken to attract large vessels with a capacity of handling 1.5-ton cargo. The port, after the proposed upgrade, can easily handle very large vessels for which an 18-metre draft is required and these ships can dock there resulting in a reduction in logistics cost. The need of the hour is to boost EXIM trade in the current global competitive environment and will generate huge job avenues to people. Ports, Shipping and Waterways Ministry informed that the project pertains to deepening and optimization of inner harbour facilities including development of western dock on the build, operate and transfer (BOT) basis under Public-Private Partnership (PPP) mode to handle cape size vessels at port.