The centre plans to create port capacity of around 3200 MT by attracting around Rs287,000 crore worth new investments to handle the expected shipping traffic of about 2500 MT by 2020.
Addressing the valedictory function of the golden jubilee celebrations of Paradip Port Trust at Paradip in Odisha, union minister of shipping G K Vasan said that Paradip Port successfully crossed 50 years in the promotion of Indian trade and commerce and was blessed by Pandit Jawaharlal Nehru, who laid the foundation stone of Paradip Port on the 3 rd January 1962.
Paradip port is the first major port on the East Coast commissioned after Independence.
Vasan revealed that a new Haridaspur-Paradip rail link being executed by Rail Vikas Nigam Ltd would reduce the rail route from the iron ore mines of Odisha to Paradip making the export more viable apart from reducing congestion.
Paradip Port has also contributed equity for the construction of this new Railway line. On completion of the project, there will be considerable reduction of the distance from Bansapani to Paradip and the freight will be reduced by 50 per cent.
Paradip currently handled 56 million metric tonnes of traffic during 2010-11 - 31.22 million tonnes of import cargo and 24.81 million tonnes of export cargo.