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Major ports on rise as pvt ports sink
Visakhapatnam: Though the government has been emphasising on development of ports in the private sector in a bid to accelerate port-led development, the performance of existing private ports witnessed a negative growth in the last two financial years
Visakhapatnam: Though the government has been emphasising on development of ports in the private sector in a bid to accelerate port-led development, the performance of existing private ports witnessed a negative growth in the last two financial years, while the major ports witnessed an impressive growth of 5.1 per cent in the first six months of the current financial year and 7.1 per cent in the third quarter, said chairman of Visakhapatnam Port Trust MT Krishnababu.
Addressing the East Coast Maritime Business Summit held here on Friday, Krishnababu said that non-major ports will grow in size over the next five years due to massive investments.
``The major ports are now benchmarking their services which is the reason for steady growth,’’ he added.
Director corporate Finance Strategy, Ernst Young India Kiran Malla said if India has to become a global super power by 2030 it has to get ready to make next big leap in trade.
Fortunately, India has strategic advantage in terms of long coastline which can serve as backbone for trade. Kiran suggested port-based manufacturing units like China to propel growth.
He said the pattern of global trade flow has changed significantly during the last three decades with the emergence of China as a manufacturing hub of the world.
Its share in merchandise trade exports has increased from 1 per cent in 1980 to 14 per cent in 2015. Currently, China is one of the top three exporters in 10 out of 14 principle commodities, Kiran said.
Chairman and Managing Director of Container Corporation of India V Kalyan Rama, said the GST will be the new game changer for Indian trade and exports.
He said stress was being given on logistics and new container terminals were being opened in many places across the country including Kakinada, Krishnapatnam in Andhra Pradesh and Paradeep in Odisha.
Former secretary Ministry of Shipping Michael P Pinto and chairman of Inland Waterways Authority of India Amithab Varma spoke on the challenges in maritime business in changing environment.
