Following the May 2 dedication of the Vizhinjam International Deepwater Multipurpose Seaport to the country, Prime Minister Narendra Modi declared that India’s money would now benefit the country.
India loses a lot of money because about 75% of its transhipment activities are carried out at foreign ports, such as those in Singapore, Colombo, and Dubai. Now, Thiruvananthapuram’s new port, which will cost Rs 8800 crore, promises to bring business home. According to Modi, Kerala and the rest of India will now have new economic opportunities thanks to the money that previously flowed outside.
The east-west shipping channel, a vital international shipping route, is only about 10 nautical miles (19 km) from the Vizhinjam port on Kerala’s southern coast. The new port is touted as the first transhipment facility of its kind in India. Instead of berthing at ports like Singapore and Colombo and then transferring products to smaller vessels for further transportation to India, large ship containers can now dock directly at the Vizhinjam port.
It will drastically reduce India’s yearly spending of over $220 million on transhipment through foreign ports. There will also be a significant reduction in transit time. In addition to time and money, geopolitical risks are a crucial component of international trade, and the new port would greatly mitigate these concerns.
Kerala will immediately benefit from the growth of its logistics infrastructure and associated facilities. With the port fully functioning, S N Raghuchandran Nair, president of the Trivandrum Chamber of Commerce and Industry, expressed hope that Kerala will see significant advancements in growth. The logistics industry has piqued the interest of numerous private investors. Another significant benefit of the port is its close proximity to the NH-16. According to him, the adjacent ports, like as the Kochi port, will also profit from Vizhinjam’s transhipment operations.
According to Thiruvananthapuram-based exporter Dil Koshy, a large number of Keralan exporters have begun sourcing goods from nearby states like Tamil Nadu for export. According to him, the Vizhinjam port is also anticipated to help industrial facilities in southern Tamil Nadu, near Kerala.