Union Steel Minister flags off maiden coastal shipment of RINL
November 1, 2017
Union Steel Minister, Chaudhary Birender Singh flaged off the maiden coastal shipment of Rashtriya Ispat Nigam Limited (RINL), the corporate entity of Vizag Steel at Visakhapatnam Port Trust. Union Shipping Minister Nitin Gadkari participated in the ceremony via a video conference.
Speaking on the occasion, the Steel Minister said that the Sagarmala Project would transform the logistic sector and change the lives of those living along the 7500 kms coast line in the country. Presently, logistic cost in India is amongst the highest in the world but Sagarmala programme has the potential to unlock full potential of India’s coast line and waterways and make logistics sector competitive with the world standards. According to him, to meet the requirement of steel exports, India could aspire for 25-30 per cent of steel capacity to be coastal by 2025.
Coastal shipping is cheaper than road or rail by 60-80 per cent and reduces the burden on rail and road transport. The Steel Minister observed that an overall cost saving of around Rs. 40,000 crore per annum is estimated from this project by 2025.