PM Modi lays foundation for Vadhvan Port in Palghar near Mumbai

Prime Minister Narendra Modi with Maharashtra Governor CP Radhakrishnan and Chief Minister Eknath Shinde during laying of the foundation stone of Vadhvan Port/ PTI

On Friday, Prime Minister Narendra Modi laid the groundwork for Vadhvan Port, a huge project in Palghar, Maharashtra, that aims to become India's largest deep-water port. The port, worth Rs 76,220 crore, is expected to significantly boost India's trade due to its strategic position and large capacity.

Vadhvan Port will strengthen its connection with Central Asia and Russia while also boosting trade via the International North-South Transport Corridor (INSTC) and the India-Middle East-Europe Economic Corridor. It is also projected to reduce the pressure on Jawaharlal Nehru Port, which is currently India's largest container-handling port, reported ANI.

According to government projections, the port will contribute more than one per cent of Maharashtra's GDP, greatly benefitting the state's economy. It will also connect to the Dedicated Freight Corridors and the Delhi-Mumbai Industrial Corridor, resulting in faster and more efficient freight transit, the ANI report added.

Vadhvan Port inauguration: The port will be built in two phases

The Vadhvan Mega Port will be built in two phases, with cutting-edge facilities and the ability to handle 23.2 million TEUs by the end of the second phase. The port is expected to create approximately 1.2 million direct jobs and more than 10 million indirect jobs.

Conceived as a green port, Vadhvan strives to reconcile economic expansion with environmental care, helping India's blue economy. The project is expected to stimulate the economic and social development of Maharashtra's coastal settlements and the larger area, the news agency report stated.

Prime Minister Narendra Modi lauded the Vadhvan Port project as "very special" and a vital step towards making Maharashtra a "powerhouse of progress." The port is scheduled to be operational by 2030.

Vadhvan Port inauguration: Project costing Rs 76,200 crore to be built in PPP mode

The Vadhavan Port, which is being developed as an all-weather Greenfield deep draft major port, will include the development of core infrastructure, terminals and other commercial infrastructure in public-private partnerships

"The total project cost, including the land acquisition component, is Rs 76,220 crore. This will include the development of Core infrastructure, Terminals and other commercial infrastructure in public-private partnerships (PPP) mode. The cabinet also approved establishing the road connectivity between the Port and National Highways by the Ministry of Road Transport & Highways and rail linkage to the existing rail network and the upcoming Dedicated Rail Freight Corridor by the Ministry of Railways," the government had previously said.