Union Cabinet approves setting up of Major port at Enayam in Tamil Nadu
Posted on: 06 Jul 2016 09:57:18
06 July 2016 Current Affairs: The Union Cabinet chaired by the Prime Minister Narendra Modi on 5 July 2016 gave in-principle approval for setting up a Major port at Enayam near Colachel in Tamil Nadu.
In this regard, a Special Purpose Vehicle (SPV) will be formed for development of Port with initial equity investment from three Major Ports in Tamil Nadu- VO Chidambaranar Port Trust, Chennai Port Trust and Kamarajar Port Limited.
Highlights of the Project : The Enayam project will cost around 27000 crore rupees and will be undertaken in three phases. The cabinet cleared an expenditure of 6575 crore rupees for phase one of the project.The SPV will develop the port infrastructure including dredging and reclamation, construction of breakwater, ensuring connectivity links, etc.
Establishing this Major port at Enayam will not only act as a major gateway container port for Indian cargo but it will also become a trans-shipment hub for the global East-West trade route. It will also reduce the logistics cost for exporters and importers in South India who currently depend on trans-shipment in Colombo or other ports thus incurring additional port handling charges.
At present, there are only a few ports in India that have sufficient draft and can match global cargo handling efficiencies.
Currently, all of India's trans-shipment traffic gets handled in Colombo, Singapore and other international ports. Indian port industry loses out up to 1500 Crore rupees of revenues each year.
FreshersLive - No.1 Job site in India. Fresherslive Current Affairs 2017 section offers informative quiz questions with answers regarding latest current affairs today for all sorts of competitive exams like UPSC, TNPSC , IFS, IAS, IPS, railway exams (RRB) and banking exams like IPBS PO, IPBS clerk, Federal Bank PO, ICICI, SBI, RBI legal officer & Grade officer posts and much more. Register with us to get latest Current Affairs Updates. Also get latest Current Affairs news and quiz Updates for free alerts daily through E-mail