Mumbai, August 30: Prime Minister Narendra Modi will inaugurate and lay the foundation stone of the INR 76,000 crore Vadhvan Port Project in Palghar's Dahanu village in Maharashtra. The PM will be on a visit to Mumbai as part of the Global Fintech Fest (GFF) 2024, being held at the Jio World Convention Centre in at Bandra-Kurla Complex in Mumbai. Once functional, the Vadhvan Port will become India's largest deep-water port, surpassing the current record of the Visakhapatnam Port, which has a natural depth of more than 16.5 metres. When finished, the Vadhvan Port will be one of the top 10 ports globally.

What Is the Vadhvan Port Project? Key Things To Know

The Vadhvan Port, a greenfield deep draft port, will have state-of-the-art technology and infrastructure, with four deep multipurpose berths - a coastline berth, four liquid cargo berths, a Ro-Ro berth and a Coast Guard berth. These berths will help ease the docking of large container ships. Modern port management and efficient cargo handling systems installed in the Vadhvan Port will help reduce the turnaround time and bring India close to the highest standards of international ports. With the increasing trade volume in India, the new port's addition will help decongest the other ports and provide easy access to Maharashtra's industrial belt, attracting more foreign investments. INS Arighaat Commissioned: India Gets 2nd Nuclear Ballistic Submarine (See Pics).

PM Narendra Modi to Inaugurate Vadhvan Port 

The Vadhvan Port aims to provide direct connectivity to major international shipping routes, such as the Gulf coast, the Red Sea-Mediterranean coasts and the African coast, and reduce transit time and cost. Furthermore, given the workforce required for the smooth functioning of the Vadhvan Port, it is expected to generate significant employment opportunities for the locals and other Indians, and stimulate the business and industrial culture around it. The project will contribute to the overall socio-economic development of the region and its people. Indian Navy Participates in World’s Largest International Maritime Exercise RIMPAC at Pearl Harbour (See Pics).

The Vadhvan Port will enhance India's maritime connectivity, especially with the otherwise hard-to-reach Central Asian countries. These countries, rich in natural resources, will be open to access via the Levantine coasts, making India a trade hub. Along with facilitating import and export via the International North-South Transportation Corridor (INSTC) and the new India-Middle East-Europe Economic Corridor (IMEC), the Vadhvan Port can handle cargo measuring up to 23 million twenty-foot equivalent unit (TEU) and 298 million tonnes in volume.

Moreover, with such increased trade prowess on the sea, the Vadhvan Port will also provide India with a strategic maritime advantage and make it a global player in the Indian Ocean Region (IOR).

(The above story first appeared on LatestLY on Aug 30, 2024 12:17 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).