India's Major Ports Witness Significant Cargo Volume Growth in FY24
- Get link
- X
- Other Apps
India's Major Ports Witness Significant Cargo Volume
Growth in FY24
India's Ports and Shipping sector has been experiencing a significant surge in growth, showcasing impressive performance indicators and infrastructural advancements. In FY24, the 12 major ports under the Union government's ownership handled a total of 819.227 million tonnes (mt) of cargo, reflecting a 4.45% increase from the previous year's 784.305 mt. This growth is pivotal, as approximately 95% of India's international trade volume is managed through these ports, signaling enhanced efficiency and capacity in the sector.
FY24 Performance Overview
According to the Ministry of Ports, Shipping, and Waterways, the major ports collectively handled 12.310 million Twenty-Foot Equivalent Units (TEUs), marking an 8.06% increase from FY23's 11.392 million TEUs. The Jawaharlal Nehru Port Authority led the way, managing 6.43 million TEUs, accounting for over half of the total volume.
Key cargo segments also saw significant increases:
- Petroleum, Oil, and Lubricants (POL) cargo rose by 5.06% to 245.990 mt.
- Iron ore shipments surged by 32.68% to 61.031 mt.
- Raw fertilizer shipments increased by 13.56% to 9.406 mt.
- Movements of coking coal and other coal grew by 10.24% to 64.939 mt.
Paradip Port Authority emerged as a leader in cargo handling among major ports, reaching 145.379 mt in FY24, a 7.40% increase from the previous year's 135.362 mt.
Factors Driving Growth in the Maritime Industry
Infrastructural Development
India's infrastructural development has significantly bolstered port operations. Initiatives such as the Sagarmala project aim at port-led development until 2035, focusing on enhancing cargo handling and transport efficiency. Coastal states are witnessing numerous road and rail connectivity projects, further improving port accessibility.
Technological Advancements
Technological advancements have played a crucial role in enhancing port efficiency. Implementations such as Radio Frequency Identification (RFID) based Port Access Control Systems (PACS) and the installation of AIS base stations and VHF radios have streamlined operations and improved security. Upgraded systems like the 'Port Community System' (PCS) and 'Direct Port Delivery' and 'Direct Port Entry' have further simplified data flow and operational processes, facilitating smoother business operations at ports.
Policy Reforms
Policy reforms have also contributed significantly to the sector's growth. The government has allowed non-major ports to set their tariffs with input from State Maritime Boards. Project UNNATI aims to improve operations at key ports, while the National Logistics Portal (Marine) enhances efficiency and transparency by linking logistics stakeholders. Under the Sagarmala Programme, 166 projects are underway at major ports, with 90 already completed, adding over 230 million tonnes per annum in port capacity.
Public-Private Partnerships
Public-Private Partnerships (PPP) have been instrumental in driving growth in the maritime sector. Non-major ports, which contribute 45% to the total port traffic, are increasingly handling a larger share of the country's port traffic. As part of the Sagarmala Programme, 45 projects have been planned for non-major ports, with 31 being implemented through PPPs, involving a total investment of Rs. 45,973 crores (US$ 5.54 billion).
Laws and Regulations
The growth and regulation of India's port sector are governed by several key laws and regulations:
- The Major Port Authorities Act, 2021: This act provides greater autonomy to the major ports in India, allowing them to operate more efficiently and make decisions that enhance their performance and competitiveness.
- The Merchant Shipping Act, 1958: This act governs shipping and navigation in India, ensuring the safety of vessels and the prevention of marine pollution.
- The Indian Ports Act, 1908: This act regulates the administration and working of ports in India, providing guidelines for their maintenance and development.
- The Inland Vessels Act, 2021: This act regulates inland water transport in India, promoting safe and efficient navigation and trade on inland waterways.
Future Prospects
India is set to invest $82 billion in port projects by 2035, aiming for a brighter future with six new mega ports under the National Perspective Plan for Sagarmala. Additionally, a project exceeding $96.48 million is underway to upgrade the Syama Prasad Mookerjee Port in Kolkata, enhancing operational efficiency and global competitiveness. The government's focus on integrating solar and wind-based power systems across key ports, with a goal of surpassing 60% renewable energy consumption by 2030, underscores its commitment to sustainable development.
Conclusion
The continuous expansion of India's maritime sector reflects the nation's strides in infrastructural development, technological advancements, and policy reforms. These efforts have not only enhanced port efficiency but also positioned India as a significant player in global trade.
- Get link
- X
- Other Apps
Comments
Post a Comment