Vizhinjam Port Milestone for India | Business | Sarthak Ahuja

Beschreibung:

India is quietly emulating the strategies of Singapore and Dubai to boost its economic success. Both countries were once poor but transformed by creating financial centers with tax incentives—similar to India’s GIFT City—and by establishing themselves as transshipment hubs. Transshipment involves changing ships in ports such as Singapore, Colombo, Dubai, or Oman, and more than 75% of India’s cargo is handled at these foreign hubs, costing the country over USD 200 million annually and reducing its cost competitiveness. These hubs also generate significant tax revenue and attract international companies, strengthening the local economy. Prime Minister Modi recently inaugurated India’s first transshipment hub, Vizhinjam Port in Kerala. The idea of a transshipment port in the region dates back over 900 years, but political, environmental, and bureaucratic challenges delayed its realization. The project has already cost over a billion dollars in Phase 1 and will require another billion in Phase 2 over the next decade. The Adani Group, in partnership with the Kerala and central governments, has taken on the public‑private partnership to build the port. It has already generated over Rs 240 crore in revenue, created employment for more than 750 people, and trained local fisherwomen to operate machinery, giving them new career opportunities. This development is hoped to be a step toward rebuilding Kerala and contributing to India’s future growth.