PM Modi Announces Rs 23,000 Crore Maritime Projects and Blue Economy Vision

By siliconindia  |  Wednesday, 18 October 2023, 09:58:45 AM IST

PM Modi Announces Rs 23,000 Crore Maritime Projects and Blue Economy Vision
Prime Minister Narendra Modi introduced maritime projects worth 23,000 crore and unveiled a long-term vision record for India’s blue economy at the third edition of the Global Maritime India Summit 2023 in Mumbai. Modi effectively opened the conference by emphasizing the importance of sea routes in global trade and the necessity for a dependable global supply chain in a post-pandemic world.
The new blueprint, ‘Amrit Kaal Vision 2047’, outlines objectives aimed at enhancing port facilities, promoting sustainable practices, and enabling international collaboration. Addressing the summit, Modi said history bears testimony that India’s maritime capacities have always benefited the world and listed the systematic steps undertaken to improve the sector in the last few years. In the past decade, Modi said the capacity of India’s major ports had doubled, and turnaround time for big vessels has come down to less than 24 hours as compared to 42 hours in 2014.
Modi mentioned the construction of new roads to increase port connectivity and touched upon the Sagar Mala Project to strengthen the coastal infrastructure. These efforts, Modi said, are increasing employment opportunities. Modi said that Next Generation Mega Port, an International Container Trans-shipment port, island development, inland waterways, and multi-modal hub, will be undertaken to reduce business costs. He said investors have a great opportunity to become part of this campaign and join India.
In terms of defense production, Modi emphasized the government's emphasis on shipbuilding and maintenance. The indigenous aircraft carrier INS Vikrant, according to Modi, demonstrates India's capability. "In the coming decade, India will become one of the top five shipbuilding nations." Our mantra is 'Make in India, Make for the World,' said Modi, adding that the government is aiming to bring all stakeholders in the sector together through maritime clusters."We are moving towards a future where the Blue Economy will be the medium to create a Green Planet" . Modi stated.
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, “India has a vast coastline, strong riverine eco-system and rich cultural heritage which create new possibilities for Maritime Tourism”. 
Modi stated that India is one of the few countries with such a unique 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" , the prime minister added. The first Maritime India summit was held in Mumbai in 2016, and the second will take place virtually in 2021.

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