Finance
The Prime Minister, Shri Narendra Modi inaugurated the third edition of Global Maritime India Summit 2023 in Mumbai via video conferencing today. The Prime Minister also unveiled ‘Amrit Kaal Vision 2047’, a blueprint for the Indian maritime blue economy. In line with this futuristic plan, the Prime Minister actively inaugurated, dedicated to the nation, and laid the foundation stone for projects worth more than Rs 23,000 crores that align with the ‘Amrit Kaal Vision 2047’ for the Indian maritime blue economy. The summit provides an excellent platform for attracting investment in the country’s maritime sector.
Addressing the gathering, the Prime Minister welcomed everyone to the 3rd edition of the Global Maritime India Summit 2023. He recalled how the entire world was marred by the uncertainties of the Covid pandemic when the Summit took place in 2021, and emphasized that a new world order is taking shape today. In the changing world order, the Prime Minister underlined that the world is looking towards India with new aspirations. He stated that India’s economy is constantly strengthening in a world dealing with economic crisis, and the day is not far when India will become one of the top 3 economies in the world. Underscoring the role of sea routes in global trade, the Prime Minister emphasized the need for a reliable global supply chain in the post-Corona world.
The Prime Minister said that history bears testimony that India’s maritime capabilities have always benefited the world. The Prime Minister listed the systematic steps undertaken to strengthen the sector in the last few years. He underlined the transformative impact of the historic G20 consensus on the proposed India-Middle East Europe Economic Corridor. He said that as the Silk Route of the past changed the economy of many countries, this corridor too will transform the picture of global trade. Stated that they will undertake Next Generation Mega Port, International Container Trans-shipment port, island development, inland waterways, and multi-modal hub projects. These initiatives will lead to a reduction in business costs, alleviate environmental degradation, improve logistical efficiency, and generate employment opportunities. The Prime Minister reiterated that investors have a great opportunity to become part of this campaign and join India.
Prime Minister Modi reiterated that the India of today is working to fulfill the resolve of becoming a developed nation in the next 25 years. He underlined that the government is bringing about revolutionary changes in every sector and mentioned the work done to strengthen the maritime sector of India. In the last decade, the Prime Minister informed that the capacity of major ports in India has doubled, and turnaround time for big vessels has come down to less than 24 hours as compared to 42 hours in 2014. He also mentioned the construction of new roads to increase port connectivity and touched upon the SagarMala Project to strengthen the coastal infrastructure. These efforts, the Prime Minister said, are increasing employment opportunities and Ease of Living manifold.
The Prime Minister emphasized that the government’s vision of ‘Ports for Prosperity and Ports for Progress’ is driving transformative changes at the grassroots level. He further highlighted the promotion of the mantra ‘Ports for Productivity’. Shri Modi informed that the government is taking major steps to enhance economic productivity by making the logistics sector more efficient and effective. He underlined that Coastal Shipping Modes are also being modernized in India and informed that the coastal cargo traffic has doubled in the last decade, thereby providing a cost-effective logistic option for the people. Regarding the development of inland waterways in India, the Prime Minister informed that cargo handling of national waterways grew by four times. He also mentioned India’s improvement in the Logistics Performance Index in the last 9 years.
The Prime Minister talked about the government’s focus on the ship-building and repair sector. He said that indigenous aircraft Carrier INS Vikrant is proof of India’s capacity. “India is going to become one of the top five ship-building nations in the coming decade. Our Mantra is ‘Make in India – Make for the world’”, the Prime Minister said. He informed that the government is working to bring together all stakeholders in the sector through maritime clusters. Ship-building and repair centers will be developed in many places. He mentioned that India is already at second place in the field of ship recycling. He also informed about the effort to make the major ports in India carbon-neutral via a net-zero strategy for the sector. “We are moving towards a future where the Blue Economy will be the medium to create a Green Planet”.
The Prime Minister underlined that work is underway in India for the big players in the maritime sector to enter the country and mentioned GIFT City in Ahmedabad which has launched ship leasing as a financial service while offering discounts at the same time. Shri Modi expressed delight that 4 global ship leasing companies of the world have also registered with GIFT IFSC. He also called upon other ship leasing companies present at this summit to join GIFT IFSC.
“India has a vast coastline, strong riverine eco-system and rich cultural heritage which create new possibilities for Maritime Tourism ”, the Prime Minister remarked. He mentioned the nearly 5 thousand-year-old Lothal Dockyard in India which is a world heritage and called it the ‘Cradle of Shipping’. He announced that a National Maritime Heritage Complex is currently under construction near Mumbai, specifically in Lothal. This endeavor is geared towards preserving this esteemed world heritage site. He enthusiastically urged citizens to visit once the project reaches completion.
The Prime Minister mentioned the world’s longest river cruise service to promote maritime tourism in India. He informed about the upcoming International Cruise terminal in Mumbai and modern cruise terminals in Visakhapatnam and Chennai. “India is moving towards becoming a global cruise hub through its state-of-the-art infrastructure”, he added.
Concluding the address, the Prime Minister remarked that India is one of the few countries which has such a combination of Development, Demography, Democracy and Demand. “At a time when India is moving towards the goal of becoming a developed India by 2047, this is a golden opportunity for you”, Shri Modi said and sent out an open invite to investors from all over the world to come to India and join the path of development.
Union Minister for Ports, Shipping and Waterways, Shri Sarbananda Sonowal was present on the occasion.
Background
During the programme, the Prime Minister unveiled ‘Amrit Kaal Vision 2047’, the long-term blueprint for the Indian maritime blue economy. The blueprint outlines strategic initiatives aimed at enhancing port facilities, promoting sustainable practices, and facilitating international collaboration. The Prime Minister actively inaugurated, dedicated to the nation, and laid the foundation stone for projects worth more than Rs 23,000 crores, in line with the ‘Amrit Kaal Vision 2047’ for the Indian maritime blue economy. This represents a significant step towards a futuristic plan.
The Prime Minister initiated the construction of the Tuna Tekra all-weather deep draft terminal at the Deendayal Port Authority in Gujarat. This state-of-the-art greenfield terminal, costing over Rs 4,500 crores, will be developed in a PPP mode. The terminal, which is likely to emerge as an international trade hub, will handle next-gen vessels exceeding 18,000 twenty-foot equivalent units (TEUs) and will act as a gateway for Indian trade via the India-Middle East-Europe Economic Corridor (IMEEC). The Prime Minister also dedicated more than 300 Memorandums of Understanding (MoUs) worth more than 7 lakh crore for global and national partnerships in the maritime sector.
The summit is the biggest Maritime Event in the country and will witness the participation of Ministers from across the globe representing countries from Europe, Africa, South America, and Asia (including central Asia, Middle East and BIMSTEC region). Global CEOs, business leaders, investors, officials, and stakeholders from around the world will attend the summit. Additionally, various Indian states will be represented by their respective ministers and dignitaries.
The three-day summit will discuss and deliberate key issues of the maritime sector including ports of the future; decarbonisation; coastal shipping and inland water transportation; shipbuilding; repair and recycling; finance, insurance & arbitration; maritime clusters; innovation & technology; maritime safety and security; and maritime tourism, among others. The summit provides an excellent platform for attracting investment in the country’s maritime sector.
The inaugural Maritime India Summit took place in Mumbai in 2016, followed by the second summit held virtually in 2021.
Addressing the Global Maritime India Summit 2023. https://t.co/Mrs2rjFxoW
— Narendra Modi (@narendramodi) October 17, 2023
Source:PIB
