India’s Transshipment Losses Will Decline: PM

Thiruvananthapuram: Prime Minister Narendra Modi dedicated to the nation ‘Vizhinjam International Deepwater Multipurpose Seaport’ worth Rs8,900 crore on Friday. Kerala Chief Minister Pinarayi Vijayan and many dignitaries were present on the occasion. After dedicating the ambitious seaport to the nation, PM Modi called it a significant achievement in India’s maritime capacity and said: “This port will open new opportunities for the people.”

PM Modi further stated: “This transshipment hub capacity at the seaport is set to triple in the near future. It is designed to accommodate large cargo ships, addressing a critical need. Until now, 75 per cent of India’s transshipment activities were conducted at foreign ports, resulting in significant revenue losses for the country. However, this is poised to change.”

He said that the money earlier spent abroad will now be channeled into domestic development, creating new economic opportunities for the people of the state and will ensure that the nation’s wealth directly benefits its citizens.