India’s cabinet has approved the development of a new deep-water port, Vadhavan, on the country’s western coast. Located approximately 150 km from Mumbai, the port will be constructed at a cost of 762 billion Indian rupees ($9.14 billion). Information Minister Ashwini Vaishnaw announced the project, emphasizing its significance in connecting India with Europe through sea and rail links via the Middle East.

The Vadhavan port will feature terminals designed to accommodate mega vessels and handle petroleum, automobiles, and other imports. It is projected to have an annual capacity of 298 million metric tons. Vaishnaw noted that the first phase of construction is expected to be completed by 2029.

“This will be an integral part of the India-Middle East corridor,” Vaishnaw stated, referring to the initiative announced during the G20 summit in New Delhi in September. The new port is anticipated to be a significant economic multiplier, boosting trade and economic activity in the region.

The Vadhavan port is a strategic infrastructure project aimed at enhancing India’s connectivity with global markets. By facilitating large-scale imports and exports, the port is expected to play a crucial role in supporting India’s economic growth and trade ambitions.

Source: Yahoo Finance