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Jan 10, 2018 11:23 AM IST | Source: Moneycontrol.com

Govt to revamp 300 dry ports in a bid to boost foreign trade

The decision is likely to give a fillip to foreign trade as the study will evaluate the transaction costs involved in trade.

Moneycontrol News @moneycontrolcom

The government is planning to revamp around 300 dry ports across the country in order to ease infrastructural obstacles faced by exporters and importers, thereby boosting foreign trade, according to a report by The Economic Times.

According to a government official who wished to remain anonymous, the commerce ministry has already started the process of reviewing laws governing dry ports, along with subsidies and the various ways in which these ports are funded. The aim is to modernise these ports in accordance with globally followed practices.

The ministry will assess the performance and functioning of inland container depots (ICDs) in approximately 10 countries. The reason behind this is the increased interest in the development of ICDs, air freight stations and container freight stations after the Rs 8 lakh crore Sagarmala project was announced.

The Sagarmala project is aimed promoting “port-led direct and indirect development” and augmenting infrastructure facilities to “transport goods to and from ports quickly, efficiently and cost-effectively”.

A dry port is an inland terminal where international freight can be handled, inspected, temporarily stored and cleared by customs. It is typically located at a place where multiple modes of transport converge and therefore, connects either a rail route or a road route to a sea port.

The decision is likely to give a fillip to foreign trade as the study will evaluate the transaction costs involved in trade. It also aims to establish new dry ports in the country, based on location and logistics.

A dry port can significantly improve the flow of cargo between ships and major land transport networks and free up capacity at congested sea ports by creating a more central distribution point.
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