Finance
Prime Minister Narendra Modi on Friday inaugurated the Vizhinjam International Seaport in India, which is the country’s first transsphipment hub. According to PM Modi, coastal cities would be the hub of India’s economic expansion in the future. He praised the construction of the Vizhinjam Port by the Adani Group.
It is anticipated to greatly increase India’s footprint in international shipping and trade routes. It was constructed at a cost of approximately Rs 8,867 crore by the Adani Ports and Special Economic Zone Ltd (APSEZ), in collaboration with the government, using a public-private model.
Here’s what PM Modi said at the inaugural event of the Vizhinjam Port:
“The full potential of the port economy is realized when infrastructure development and ease of doing business are prioritized and promoted. Over the past decade, this approach has been the cornerstone of the government’s port and waterways policies. Significant strides have been made in advancing industrial activities and driving the holistic development of the state.”
“Before the era of slavery, India flourished with prosperity for thousands of years. At one point, it held a significant share of the global GDP. What set India apart from other nations during that time was its impressive maritime capabilities and the thriving economic activity in its port cities. Kerala, in particular, played a major role in this success.”
“This seaport has been constructed at a cost of Rs. 8,800 crore, and its transshipment hub capacity is set to triple in the near future. It is designed to accommodate large cargo ships, addressing a critical need.”
“Until now, 75% of India’s transshipment activities were conducted at foreign ports, resulting in significant revenue losses for the country. However, this is poised to change.”
“The funds previously spent abroad will now be channeled into domestic development, creating new economic opportunities for the people of Vizhinjam and Kerala, ensuring that the nation’s wealth directly benefits its citizens.
Source: InTv
