1. This project will be a white elephant as it needed drdging done very frequently to make it fit for sailing by ships
2. Not all types of ships can pass through this canal, only the smaller ones. but, the shipping idustry trend is to move to large carriers than wasting fuel using shorter ones
3. The time advantage is not more than 20 hours. further, these ships will have to slow down when it has to pass through the small canal. So, it is not much of an advnatge, provided the kind of money one has to face
4. finally, this canal makes the ship passing through a sitting duck for terrorist activities. India can control only the Indian side. Further, as the eastern side ports in Srilanka will face some revenue loss due to this, Srilankans can mount an attack against any of the ships and blame it on LTTE
More than the fact that whether it is built by Ram or not, we should see if it is in the lomng term interest of the country, region or some small number of pockets which will earn through manipulations in the entire process
