Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
The major ports in India saw a notable improvement in performance in FY24. They were able to cut the ship turnaround time by 9%, making it only take 48 hours. Furthermore, the total amount of cargo that these ports handled jumped by 4.5% to 819 million metric tonnes.
This encouraging trend can be ascribed to a number of things, such as increased involvement from private companies, the adoption of digital processes, and investments in better infrastructure. The average daily output per vessel increased by 7.5% as a result of upgraded infrastructure, and operational efficiency was increased through digitisation initiatives such as the Sagar-Setu smartphone app and paperless clearances.
Moreover, private participation, particularly in container terminal operations, seems to be a key driver of improvement, as evidenced by better efficiency metrics in these terminals compared to those run by port authorities. This has prompted the shipping ministry to consider expanding Public-Private Partnerships (PPP) at major ports using the landlord model. These advancements mark a considerable improvement for India's maritime sector, which was previously a weak link in the country's logistics chain.
The improved turnaround time puts Indian major ports ahead of many developed nations, including the United States, Australia, and Germany. This progress is expected to continue as the government pushes for further private sector involvement through PPP models. By leveraging private expertise and resources, India can solidify its position as a competitive player in the global maritime trade landscape.
Also Read : Cargo volume across major ports rises more than 3% to 72.04 MT in May India revamping coal transport tariffs to lower its carbon footprint, optimise charges for coastal shipping
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