Shipping and Road Transport and Highways Minister Nitin Gadkari said on Monday that works worth Rs 1 lakh crore are under various stages of implementation under the Sagarmala project.
The Sagarmala Development Company (SDC), whose formation was approved by the Modi government in July this year, was formally launched by the minister in New Delhi.
The SDC is tasked with the responsibility of undertaking port-led projects and provide financial support for various related projects of state governments.
The SDC aims to leverage India's 7,500-km coastline and 14,500 km of "potentially navigable waterways and strategic location on key international maritime trade routes."
In his interaction with the media, Gadkari said that demonetisation is bound to increase the government's revenues that can be used to undertake welfare projects.
A PTI report quoted him as saying that the problems faced by the people due to cash crunch will ebb in due course of time.
It may be recalled that bankers are of the view that the mismatch between demand and supply for cash will ensure that the problems faced by the people in withdrawing money will persist till the end of January 2017.
They are also of the view that the current limits on daily/weekly withdrawal of cash will last for some more time.
