Ports, highways to contribute 2 percent to GDP: Minister

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SME Times News Bureau | 04 Mar, 2015
The government said on Tuesday that it is in the process of developing 12 major ports in the country, which it expects will contribute about two percent to the gross domestic product (GDP), along with the highways sector.

According to Road Transport, Highways and Shipping Minister Nitin Gadkari, the government was in the process of developing the major ports so that they, along with the highways sector, can contribute to about two percent of the country's gross domestic product (GDP).

Gadkari was speaking to reporters after the signing of an MoU (memorandum of understanding) between Kamarajar Port and Indo-Japanese passenger vehicles joint venture (JV) Toyota Kirloskar.

The minister said the company has entered into a long-term contract with the port for shipment of passenger vehicles.

"Exports from the port will touch 26,000 units this fiscal. Toyota has entered into a pact with the port for long-term shipments of its cars," Gadkari said.

The automobile manufacturer was earlier exporting from Chennai port. However, the congestion there led it to enter into pact with Kamarajar port.

The minister further said that the government has undertaken various measures to develop the minor ports in the country as well.

"Our ports along with the highways contribute at least 2 percent of the GDP in the next two years," the minister said.