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India maritime industry a huge lure: E&Y

India offers huge opportunities for the maritime industry,global consultancy firm E&Y...

Written by Agencies | Mumbai | Published: August 27, 2010 9:05:42 am

With 13 major ports,around 200 non-major ports and a coastline of 7,500 kilometres,India offers huge opportunities for the maritime industry,global consultancy firm Ernst & Young (E&Y) and industry chamber Ficci,today said in a joint report on ports and shipping.

“Indian ports are now witnessing unprecedented interest both from strategic buyers,including international liners,terminal operators and captive players,as well as financial suitors,including banks and infrastructure funds,” the report said.

According to the report,to leverage this opportunity and to ensure optimum utilisation of the coastline,the Government of India (GoI) is encouraging more private-sector participation in ports’ development,the report said.

“By establishing a direct link between performance and profitability,privatisation motivates private entrepreneurs to improve their return on investment and provides them with an incentive to continuously improve their efficiency,” E&Y’s Partner-Infrastructure Practice Sushi Shyamal said.

Moreover,the increasing trend of western countries moving their manufacturing functions to low-cost countries,and the likely prospect of India emerging as a manufacturing outsourcing hub,is expected to contribute to the growth of the country’s marine industry,the report said.

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