In the changing world order, the world is looking towards India with new aspirations: PM
FinTech BizNews service
Mumbai, 17 October, 2023: 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. “Next Generation Mega Port, International Container Trans-shipment port, island development, inland waterways, and multi-modal hub will be undertaken under this leading to a reduction in business cost and environmental degradation will improve logistical efficiency and create jobs. The investors have a great opportunity to become part of this campaign and join India, said Prime Minister, Narendra Modi while inaugurating 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 PM inaugurated, dedicated to the nation and laid the foundation stone for projects worth more than Rs 23,000 crores that are aligned 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. Union Minister for Ports, Shipping and Waterways, Sarbananda Sonowal was present on the occasion.
Investors Have A Great Opportunity
The PM 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. The Prime Minister listed the systematic steps undertaken to strengthen the sector in the last few years.
Modi reiterated that the India of today is working to fulfil 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.
Ports for Productivity
“Government’s vision of ‘Ports for Prosperity and Ports for Progress’ is bringing transformational changes at the ground level”, the Prime Minister said as he noted that the mantra of ‘Ports for Productivity’ is also being encouraged. 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. 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”.
PM 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. 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.
Maritime Tourism
“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 informed that a National Maritime Heritage Complex is being built in Lothal near Mumbai to preserve this world heritage and urged the citizens to visit upon completion.
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.
“At a time when India is moving towards the goal of becoming a developed India by 2047, this is a golden opportunity for you”, 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.
