While the Union Budget for 2024-25 has allocated Rs700 crores for Sagarmala programmes, the Sagarmala Development Company Ltd has been left dry without any fund allocation. The major ports combined have a cash reserves of Rs.18000 Cr, which the government feels can fund the greenfield projects. Further, due to privatisation, terminal expansions are happening with private funding without any expenses incurred by the port authority.
Deendayal Port Authority, Paradip Port Authority, Visakhapatnam Port Authority and VOC Port have been asked to fund the development of transshipment port at Galathea Bay at a cost of Rs.42000 Cr. These ports will form a SPV for the purpose. The same model is being adopted for Vadhavan Port where JNPA is the major equity partner.
