PM Modi To Lay Foundation Stone For Vadhvan Port; Address Global Fintech Fest In Maharashtra

Prime Minister Narendra Modi is likely to visit Maharashtra on Friday, where he will participate in several key events in Mumbai and Palghar.

The day’s agenda includes laying the foundation stone for the highly anticipated Vadhvan Port project and addressing the Global Fintech Fest 2024.

In a post on X, PM Modi expressed his excitement about visiting Maharashtra and engaging with the people of the state.

He highlighted the significance of the Global Fintech Fest, which will commence at 11 AM, emphasizing India’s advancements in the fintech sector and the importance of the platform in bringing together industry stakeholders.

Following the fintech event, the Prime Minister will travel to Palghar to initiate the ground-breaking ceremony for the Vadhvan Port, a landmark project with an estimated cost of Rs 76,220 crore, including land acquisition expenses.

This greenfield port, once completed, is likely to be a game-changer for India’s western coast, positioning itself among the top ten seaports globally due to its deep draft and all-weather capabilities.

The foundation stone laying ceremony will take place at the CIDCO Grounds in Palghar, approximately 140 kilometers from Mumbai, near the Maharashtra-Gujarat border.

Vadhvan Port Project

The Vadhvan Port project, delayed for years due to resistance from local communities and environmental concerns, is finally moving forward.

Vadhvan Port Project Ltd (VPPL), a special purpose vehicle formed by the Jawaharlal Nehru Port Authority and the Maharashtra Maritime Board, will develop it, with a 74% and 26% shareholding, respectively.

The port’s infrastructure will be developed under the public-private partnership (PPP) model and will include core facilities such as terminals, commercial infrastructure, road links to National Highways, and connections to the Dedicated Rail Freight Corridor.

The project also envisions the reclamation of 1,448 hectares of the Arabian Sea, construction of a 10.14 km offshore breakwater, and the establishment of a vast container and cargo storage zone.

Vadhvan Port will feature nine terminals, including four multipurpose berths, liquid cargo berths, a coast guard berth, and a Ro-Ro berth, with a total handling capacity of 298 million metric tons per annum.

This includes an impressive 23.2 million TEUs (twenty-foot equivalent units) of container capacity, aligning with the PM Gati Shakti initiative.

Strategic Port To Boost India’s EXIM Trade Via IMEEC & INSTC

The port’s strategic location and world-class facilities are likely to enhance India’s EXIM trade through the India-Middle East-Europe Economic Corridor (IMEEC) and the International North-South Transportation Corridor (INSTC).

Beyond its economic impact, the Vadhvan Port is to generate employment for approximately 1.2 lakh people, significantly contributing to both local and national economies.

In addition to the port project, PM Modi will inaugurate 218 fisheries projects worth Rs 1,560 crore, aimed at boosting local infrastructure and creating over five lakh jobs in the fisheries sector.

He will also launch the National Roll Out of the Vessel Communication and Support System, a Rs 360 crore initiative that will equip one lakh mechanized and motorized fishing vessels in 13 coastal states with transponders.

The Prime Minister will be accompanied by key figures including Union Ministers Sarbananda Sonowal, SP Singh Baghel, and George Kurian, along with Maharashtra’s Governor CP Radhakrishnan, Chief Minister Eknath Shinde, and Deputy Chief Ministers Devendra Fadnavis and Ajit Pawar.

Also Read: Gujarat Floods Claim 28 Lives; CM Bhupendra Patel Outlines Ongoing Relief Efforts