New Delhi: Prime Minister Narendra Modi inaugurated maritime projects worth ₹23,000 crore and unveiled a long-term vision document, "Amrit Kaal Vision 2047," for India's blue economy at the Global Maritime India Summit 2023 in Mumbai. During the virtual inauguration of the conference, Modi stressed the importance of sea routes in global trade and highlighted the need for a reliable global supply chain in a post-pandemic world.
The new vision document outlines strategic initiatives aimed at enhancing port facilities, promoting sustainable practices, and facilitating international collaboration. Modi pointed out that India's maritime capabilities have historically benefited the world and detailed the systematic steps taken in recent years to strengthen the sector. Over the past decade, the capacity of India's major ports has doubled, and turnaround time for large vessels has been reduced to less than 24 hours, compared to 42 hours in 2014.
The Prime Minister mentioned efforts to increase port connectivity through new roads and the Sagar Mala Project to strengthen coastal infrastructure, which is contributing to increased employment opportunities. He discussed Next Generation Mega Port, International Container Trans-shipment port, island development, inland waterways, and multi-modal hubs to reduce business costs. He encouraged investors to become part of this campaign and join India.
Modi highlighted the government's focus on the ship-building and repair sector, emphasizing India's capacity with the indigenous aircraft carrier INS Vikrant. India is striving to become one of the top five ship-building nations in the coming decade, with a focus on "Make in India - Make for the world." The government aims to bring together all stakeholders in the sector through maritime clusters.
The Prime Minister emphasized that the Blue Economy would be the medium for creating a Green Planet. Work is underway for leading players in the maritime sector to enter India, and GIFT City in Ahmedabad has launched ship leasing as a financial service. India's vast coastline, strong riverine ecosystem, and rich cultural heritage create new possibilities for maritime tourism, Modi said.
He highlighted India's unique combination of Development, Demography, Democracy, and Demand, calling it a golden opportunity for investors as India moves toward becoming a developed nation by 2047. The first Maritime India Summit was held in 2016 in Mumbai, followed by a virtual summit in 2021.
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