India’s Ministry of Ports, Shipping and Waterways  has exceeded its asset monetization goal of approximately Rs 3,700 crore for FY23 by processing transactions worth approximately Rs 5,000 crore, according to Sudhansh Pant, the Secretary of the Ministry. Additionally, Pant stated that India’s major ports handled a record-breaking cargo of 795 million tonnes in the fiscal year 2022-23.

According to Pant, the shipping ministry has exceeded its asset monetization target of approximately Rs 3,700 crore for FY23 by transacting around Rs 5,000 crore.

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Additionally, he stated that the ‘Green Port’ guidelines will be launched by Ports, Shipping and Waterways Minister Sarbananda Sonowal next week to promote environmentally friendly ports in India. Furthermore, Pant mentioned that the major ports in India have achieved a historic record of handling 795 million metric tonnes of cargo.

According to PTI, he stated that the cargo handled this year is 10% higher than the previous year. India possesses 12 primary ports which include Deendayal (Kandla), Mumbai, Mormugao, New Mangalore, Cochin, Chennai, Ennore (Kamarajar), Tuticorin (V O Chidambaranar), Visakhapatnam, Paradip and Kolkata (including Haldia) as well as Jawaharlal Nehru Port. Pant mentioned that some of the major ports such as Syama Prasad Mookerjee Port (Kolkata), Deendayal (Kandla), Jawaharlal Nehru Port, and Paradip have recorded the highest ever cargo.

In addition, he highlighted that major ports have experienced higher annual growth than non-major ports for the first time in many years. Non-major ports are managed by state governments, and several state governments have leased these ports to private partners.

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Pant explained that major ports achieved an overall growth of 10.4%, while non-major ports achieved a growth rate 1.5-2% lower than this in the current fiscal year (2022-23). In the previous fiscal year (FY22), major ports accounted for 54% of total cargo, while non-major ports accounted for 46%. However, in the current fiscal year, the share of major ports has increased to 55%, while the share of non-major ports has decreased to 45%, according to Pant.

According to Pant, a 1% increase in the share of major ports is a notable accomplishment because they have faced several challenges. Furthermore, he stated that even a 1% shift represents a significant achievement for major. Furthermore, Pant mentioned that the inland waterways have seen a 16% increase in cargo handling, rising from 109 million tonnes in 2021-22 to 126 million tonnes in 2022-23. He also stated that the turnaround time in major ports has decreased by 3-4 hours, reaching 48-49 hours.