The Centre will implement projects worth 5 lakh crore till May 2019 under the Sagarmala project. For this Sagarmala Development Company (SDC) has been formed to provide equity support to the government’s ambitious Sagarmala programme, which is aimed at promoting port-led economic development projects.
Of the Rs 12 lakh crore being planned for investment under the ambitious programme, the government will pump around Rs 8 lakh crore into industrial clusters while the remaining Rs 4 lakh crore will go to port rail and port road connectivity, mechanisation and modernisation of ports. The government is also looking to complete the Chardham project before 2018.
Sagar Mala project is a strategic and customer-oriented initiative of the Government of India to modernize India's Ports so that port-led development can be augmented and coastlines can be developed to contribute in India's growth. It looks towards transforming the existing Ports into modern world class Ports and integrate the development of the Ports, the Industrial clusters and hinterland and efficient evacuation systems through road, rail, inland and coastal waterways resulting in Ports becoming the drivers of economic activity in coastal areas.
Six megaports are planned in Sagarmala project.