Rs 76,000 Crore Vadhvan Port Project To Be Launched Today By PM Modi, Set To Become One Of India’s Largest Deep-Water Ports

Prime Minister Minister Narendra Modi will be visiting Maharashtra today (30 August) to lay the foundation stone of Rs 76,000 crore Vadhvan port project.

At around 11 am, PM Modi will arrive in Mumbai, where he will address a Special Session of Global Fintech Fest (GFF) 2024, which is being jointly organised by the Payments Council of India, the National Payments Corporation of India and the Fintech Convergence Council.

Around 800 speakers, including policymakers, regulators, senior bankers, industry captains, and academicians, from India and various other countries will address more than 350 sessions in the conference. It will also showcase the latest innovations of the fintech landscape.

At around 1.30 pm, PM Modi will head to Palghar, where he will lay the foundation stone of Vadhvan Port. The total cost of this project is around Rs. 76,000 crore, a government release said.

The Vadvan port project aims to establish a world-class maritime gateway that will boost the country’s trade and economic growth by catering to large container vessels, offering deeper drafts, and accommodating ultra-large cargo ships.

Vadhvan Port, located near Dahanu town in Palghar district, will be one of India’s largest deep-water ports and will provide direct connectivity to international shipping routes, reducing transit times and costs. Equipped with state-of-the-art technology and infrastructure, the port will feature deep berths, efficient cargo handling facilities, and modern port management systems.

The port is expected to generate significant employment opportunities, stimulate local businesses, and contribute to the overall economic development of the region.

The Vadhvan Port project incorporates sustainable development practices, with a focus on minimising environmental impact and adhering to stringent ecological standards.

Once operational, the port will enhance India's maritime connectivity and further strengthen its position as a global trade hub.

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