Connect with us

Businesses

How Vadhavan port will put India on global map, generate lakhs of jobs

Published

on

How Vadhavan port will put India on global map, generate lakhs of jobs

Mumbai, June 22 (IANS) The proposed mega Vadhavan port in the Palghar district of Maharashtra, worth Rs 76, 220 crore, would not only boost sea-based trade but also herald a new wave of industrial development towards the country becoming the world’s third-largest economy by 2027 with a GDP of $5 trillion but also generate 10 lakh direct and indirect jobs.

The port will be developed as an all-weather Greenfield deep draft major port, which will include the development of core infrastructure, terminals and other commercial infrastructure in public-private partnership (PPP) mode.

The move by Prime Minister Narendra Modi-led government will further cement India’s position in the global port map.

Managed by 12 key ports, India’s cargo volume is growing rapidly and reached 12.31 million TEUs (twenty-foot equivalent units) in FY24, up from 11.39 million TEUs in FY23, according to the Ministry of Ports, Shipping and Waterways.

Adani Ports and Special Economic Zone (APSEZ) alone has seven strategically located ports and terminals on the western coast and eight ports and terminals on the eastern coast, representing 27 per cent of the country’s total port volumes.

ALSO READ:  In general election year, PSU index rallies 14 per cent on average

Adani Ports reached a record volume of 420 MMT (million metric tonnes) in FY24 which is 24 per cent growth (year-on-year).

With incremental cargo volumes of 100 MMT achieved in less than two years, APSEZ is well poised to achieve 500 MMT of cargo volumes in 2025, aided by the recently acquired Gopalpur Port, and the scheduled commissioning of Vizhinjam Port in the current year and West Container Terminal (WCT) in Sri Lanka next year.

In FY24, APSEZ handled 27 per cent of the country’s total cargo and 44 per cent of container cargo.

According to the ministry, the Vadhavan port will comprise nine container terminals, each 1,000 metres long, four multipurpose berths, including the coastal berth, four liquid cargo berths, a Ro-Ro berth, and a Coast Guard berth.

The project involves the reclamation of 1,448 hectares of area in the sea and the construction of 10.14 km of offshore breakwater and container/cargo storage areas. The project will create a cumulative capacity of 298 million metric tonnes (MMT) per annum, including around 23.2 million TEUs (twenty-foot equivalents) of container handling capacity.

ALSO READ:  Direct tax collections surge 19.5 pc to Rs 5.74 lakh crore in 2024-25 so far

Vadhavan Port, on completion, will be one of the top ten ports in the world. The project, aligned with the objectives of PM Gati Shakti programme, also has the potential for direct and indirect employment opportunities for around 10 lakh people.

According to Maharashtra Ports Minister Sanjay Bansode, the Vadhavan port will be a game changer for the state, helping it achieve the ambitious target of a $1 trillion economy.

–IANS

na/dan

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Businesses

Number of LPG consumers in India surge by 125 per cent in last 10 years

Published

on

By

Number of LPG consumers in India surge by 125 per cent in last 10 years

Number of LPG consumers in India surge by 125 per cent in last 10 years

New Delhi, July 22 (IANS) The LPG infrastructure in India, over the last decade from 2014 to 2024, has surged with the bottling capacity shooting up by close to 70 per cent while the number of consumers has soared by nearly 125 per cent during this period, the Parliament was told on Monday.

“India now has one of the most robust LPG supply infrastructure globally. Before April 2014, nearly 45 per cent of Indian households didn’t have access to clean cooking fuels and were constrained to depend on traditional fuels such as cow dung, biomass and firewood,” Minister of State for Petroleum and Natural Gas Suresh Gopi told the Rajya Sabha in a written reply.

Prices of cooking gas in India, after the latest round of reduction, are one of the lowest globally, and even lower than in most LPG-producing nations, he added.

The retail price of a 14.2 kg LPG cylinder in Delhi is around Rs 803 while its price in Pakistan, as on May 1 this year, is Rs 1,017.25. In Sri Lanka, the price of a 14.2 kg LPG cylinder is Rs 1,320.94 and in Nepal, it is Rs 1,207.84, the minister said.

ALSO READ:  Adani Wilmar unspools #Fortunewaliholi DVC to celebrate Holi colours, food

As India imports more than 60 per cent of its domestic LPG consumption, prices of LPG in the country are linked to its price in the international market and the government continues to modulate the effective price to consumers for domestic LPG.

During the period 2020-21 to 2022-23, the average Saudi CP (the international benchmark for LPG pricing) went up from $415 per MT to $712 per MT. However, the increase in the international prices was not fully passed on to the customers.

The government has reduced the effective price of domestic LPG by Rs 200 per 14.2 Kg LPG cylinder with effect from August 30, 2023, the reply said.

Under the PAHAL Scheme, domestic LPG cylinders are sold at non-subsidised price and the applicable subsidy to the consumers is transferred directly into their bank accounts. Apart from the direct subsidy to bank accounts to consumers, the OMCs have also been compensated Rs 22,000 crore in FY 2022-23 by the government to cover the under-recoveries suffered by them in not passing on the high international prices to domestic LPG consumers, the ministry said.

ALSO READ:  In general election year, PSU index rallies 14 per cent on average

With effect from May 21, 2022, the government has been providing budgetary support for the targeted subsidy of Rs 200 per 14.2 kg LPG cylinder for Pradhan Mantri Ujjwala Yojana (PMUY) beneficiaries for up to 12 refills a year for years 2022-23 and 2023-24. Moreover, from October 5, 2023, the targeted subsidy increased to Rs 300 per 14.2 kg LPG cylinder for all Pradhan Mantri Ujjwala Yojana (PMUY) beneficiaries.

The current retail price of domestic LPG at Delhi is Rs. 803 per 14.2 kg cylinder. With a targeted subsidy of Rs 300 per cylinder (and proportionately pro-rated for a 5 Kg cylinder), the effective cost for PMUY consumers is Rs 503 per 14.2 kg cylinder (at Delhi) currently.

Continue Reading

Businesses

2.63 crore houses built for rural poor in last 9 years: Economic Survey

Published

on

By

2.63 crore houses built for rural poor in last 9 years: Economic Survey

2.63 crore houses built for rural poor in last 9 years: Economic Survey

New Delhi, July 22 (IANS) As many as 2.63 crore houses have been constructed for the poor in the last nine years under the Pradhan Mantri Gramin Awas Yojana, according to the Economic Survey released on Monday.

“The quality of life in the rural areas has progressed in terms of basic amenities, education, health, and financial inclusion. In terms of basic amenities, 11.57 crore toilets were constructed under the Swachh Bharat Mission – Grameen, while 11.7 crore households were provided with tap water connection under the Jal Jeevan Mission as of July 10, 2024,” the Survey stated.

In addition, 35.7 crore RuPay debit cards have been issued under the Pradhan Mantri Jan Dhan Yojana (PMJDY) as of June 26, 2024, leading to enhanced financial inclusion in the rural areas.

In the health sector, 1.58 lakh sub-centres and 24,935 primary health centres have resulted in the enhancement of quality of life in the rural areas, it added.

ALSO READ:  Sensex falls 300 points as equities sell off continues

The Survey said that MGNREGS has made significant progress in terms of person-days generated and women participation rate with person-days generated increasing from 265.4 crore in 2019-20 to 309.2 crore in 2023-24 (as per MIS), and women participation rate increasing from 54.8 per cent in 2019-20 to 58.9 per cent in 2023-24.

The Economic Survey also pointed out that MGNREGS has evolved into an asset creation programme for sustainable livelihood diversification, as seen in the rise in the share of individual beneficiary ‘works on individual land’ from 9.6 per cent of total completed works in FY14 to 73.3 per cent in FY24.

–IANS

sps/arm

Continue Reading

Businesses

What small traders from Varanasi expect from the Union Budget

Published

on

By

What small traders from Varanasi expect from the Union Budget

What small traders from Varanasi expect from the Union Budget

Varanasi, July 22(IANS) Common people have high hopes from the Union Budget 2024-25 which will be presented in the Parliament on Tuesday.

Speaking to IANS, small traders from Prime Minister Narendra Modi’s Lok Sabha constituency Varanasi have shared their thoughts on the Union Budget.

Chandanlal, who runs a Banarasi saree business, said, “We have a lot of expectations from the Modi government, including reduction of GST on Banarasi sarees. There is high demand for our art and tradition, but due to increasing GST, sales are decreasing. If the government provides some help to promote our business, Banarasi sarees can reach people at lower prices.”

Surya, who runs a guest house in Varanasi, told IANS, “The government should put an end to the commission given to brokers who bring guests to hotels or guest houses. Also, the GST on stays is very high. Even if a guest stays for one day, he or she will have to pay 12 per cent GST. To promote tourism, the government should reduce GST.”

ALSO READ:  India sees highest-ever office space transactions with 33 pc growth in Jan-June period

Another trader said, “We hope the government will provide tax relief to small businesses. Also, the prices of goods used in restaurants, such as lentils and raw materials are increasing. The government should address this problem faced by the small traders like us.”

Another trader from Varanasi hopes that the government will present a Budget that provides relief to both traders and the common people.

“The government should ensure that people do not get disappointed with the Budget. Also, the government needs to reduce taxes.”

–IANS

psd/arm

Continue Reading

Businesses

Economic Survey: Non-farm sectors to play important role in job generation (IANS Opinion)

Published

on

By

Economic Survey: Non-farm sectors to play important role in job generation (IANS Opinion)

Economic Survey: Non-farm sectors to play important role in job generation (IANS Opinion)

New Delhi: The Economic Survey 2023-24 has brought out the importance of non-farm sectors in the growth trajectory of the Indian economy.

The farm sector always remains high on the political agenda for obvious reasons and hence the non-farm sector often has to take a back seat.

However, the Economic Survey 2023-24 notes that the Indian economy needs to generate an average of nearly 78.5 lakh jobs annually until 2030 in the non-farm sector to cater to the rising workforce.

The Survey mentions that there is a scope to supplement the existing schemes of Production Linked Incentive (60 lakh employment generation over 5 years), MITRA Textile scheme (20 lakh employment generation), MUDRA, etc., while boosting their implementation.

Gig Economy

Incidentally, gig economy seems to have emerged as a front-runner for creating employment opportunities in the non-farm sector.

According to NITI Aayog’s indicative estimates based on national labour force survey data, in 2020–21, 77 lakh workers were engaged in gig economy, and as per the Economic Survey 2023-24, the gig workforce is expected to expand to 2.35 crore and form 6.7 per cent of the non-agricultural workforce or 4.1 per cent of the total livelihood in India by 2029-30.

In this context, it is important to develop a social security mechanism for this new workforce. More importantly, there is an urgent need to upgrade the skills of gig workers so that there is a continuous upward move in this sector.

ALSO READ:  Direct tax collections surge 19.5 pc to Rs 5.74 lakh crore in 2024-25 so far

Gig workers are largely semi-skilled or unskilled workers. Their skills upgradation would ensure that there is an upward mobile workforce, a healthy sign for any economy.

Rise of Corporates

The good news is that India’s corporate sector’s profitability was at a 15-year high in FY24 with profits quadrupling between FY20 and FY23. The Economic Survey mentions that businesses have an obligation to strike the right balance between the deployment of capital and the deployment of labour.

“In their fascination for AI and fear of erosion of competitiveness, businesses have to bear in mind their responsibility for employment generation and the consequent impact on social stability,” says the Survey.

Artificial Intelligence

The Economic Survey also indicated that the Modi government is seized of the fact that AI is a double-edged sword and one needs to utilise it properly before it gets too late.

It is also a great disruptor. Highlighting the need for research and development in this sector, the Economic Survey 2023-24 mentions a policy brief that suggests a need for an inter-agency coordination authority for AI which would act as a central institution guiding the research, decision-making, and policy planning on AI, and job creation.

ALSO READ:  India sees highest-ever office space transactions with 33 pc growth in Jan-June period

The government has launched several initiatives to ensure an AI-enabled ecosystem and to connect AI to the youth of the country. Some of these include ‘Future Skills Prime’, a national programme for school students titled ‘YUVAi’ (Youth for Unnati and Vikas with AI), and ‘Responsible AI for Youth 2022’.

A budget of Rs 10,300 crore has been provided in 2024 for the India AI Mission, a significant move to strengthen the AI ecosystem.

Services Sector

According to the Economic Survey, the services sector continues to be a significant contributor to India’s growth, accounting for about 55 per cent of the total size of the economy in FY24.

As per the provisional estimates, the services sector is estimated to have grown 7.6 per cent in FY24. The gross GST collection reached Rs 20.18 lakh crore in FY24, marking 11.7 per cent increase from the previous year, underscoring robust domestic trading activity.

Business activity in the services sector in the country transcended the obstacles of the pandemic and other disruptions worldwide.

In March 2024, the services Purchase Manager Index (PMI) soared to 61.2, marking one of the sector’s most significant sales and business activity expansions in nearly 14 years.

ALSO READ:  Tata Motors Group to invest Rs 9,000 crore in TN

Post-pandemic, services exports have maintained a steady momentum and accounted for 44 per cent of India’s total exports in FY24, the Survey notes.

India ranked fifth in services exports, with other countries being the European Union (excluding intra-EU trade), the United States, the United Kingdom, and China.

India’s growing reputation as the preferred destination for Global Capability Centres (GCCs) by multinational corporations has significantly boosted software and business services exports.

India’s share in digitally delivered services exports globally increased to 6 per cent in 2023 from 4.4 per cent in 2019. This rise in services exports, coupled with a fall in imports, led to an increase in net services receipts on a YoY basis during FY24, which helped cushion India’s current account deficit.

There are multiple reasons for this growth, including significant domestic demand, rapid urbanisation, expansion of e-commerce platforms generated heightened requirements for logistics, and digital-related services.

It is important to note that the government has played a crucial role in fostering the growth and competitiveness of India’s services by creating an enabling environment, promoting investment, enhancing skills, and facilitating market access.

(Singapore-based Indian entrepreneur Deepshikha Kumar is the founder-director of SpeakIn. The views expressed are personal)

–IANS

arm/

Continue Reading

Businesses

India's GDP growth for FY25 to surpass Economic Survey's forecast: CII

Published

on

By

India's GDP growth for FY25 to surpass Economic Survey's forecast: CII

India's GDP growth for FY25 to surpass Economic Survey's forecast: CII

New Delhi, July 22 (IANS) The Economic Survey 2023-2024 is positive about the India growth story, and India’s GDP growth for FY25 will surpass the forecast and has the potential to reach 8 per cent, Sanjiv Puri, President, Confederation of Indian Industry (CII), said on Monday.

The Economic Survey, tabled by Union Finance Minister Nirmala Sitharaman in the Parliament, projects India’s GDP growth rate at 6.5 to 7 per cent for 2024-25 as it sees the economy on a strong wicket.

According to Puri, the GDP growth for FY25, which is imminently achievable, is driven by excellent macro-financial management, and a facilitative policy environment which includes a thrust on capex and inflation control.

“CII is confident that, going forward, the Indian economy has the potential to achieve 7 per cent plus growth backed by a consensus between the Centre, states, and the private sector on the reform agenda,” he said in a statement.

Labour-intensive sectors such as tourism, care economy and food processing sector have the potential to increase employment in the economy, which is critical.

ALSO READ:  Adani Wilmar unspools #Fortunewaliholi DVC to celebrate Holi colours, food

“The Survey is spot-on in terms of the six key areas unveiled for Amrit Kaal namely boosting private investment, growth and expansion of MSMEs which is referred to as India’s Mittelstand; agriculture as a growth engine, financing green transition, bridging the education-employment gap and building state capacity and capability,” Puri emphasised.

Similarly, the focus on improving the quality of life in the hinterland and emphasis on the social sector such as healthcare, would go a long way to empower the marginalised and ensure that every Indian becomes a stakeholder in New India, said the apex industry chamber.

–IANS

na/vd

Continue Reading

Trending