Mumbai: Stating that India’s economy is constantly getting strengthened in a world that grapples with the economic crisis, Prime Minister Narendra Modi on Tuesday underscored the role of sea routes in global trade and the need for a reliable global supply chain in the post-Corona world.
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Inaugurating the 3rd Global Maritime India Summit 2023 in Mumbai, PM Modi 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.
He also underlined that the world is looking towards India with new aspirations. “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,” he said.
During the programme, Modi also unveiled ‘Amrit Kaal Vision 2047’, a blueprint for the Indian maritime blue economy. The Minister laid the foundation stone for projects worth more than Rs 23,000 crores.
The prime minister laid the foundation stone of Tuna Tekra all-weather deep draft terminal to be built at a cost of more than Rs 4,500 crores at Deendayal Port Authority in Gujarat. This greenfield terminal will be developed in 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).
Modi said that history bears testimony that India’s maritime capabilities have always benefited the world. He listed the systematic steps undertaken to strengthen the sector in the last few years.
“As the Silk Route of the past changed the economy of many countries, this corridor too will transform the picture of global trade. 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,” Modi said.
Stating that India of today is working to fulfill the resolve of becoming a developed nation in the next 25 years, Modi said that the Government's vision of ‘Ports for Prosperity and Ports for Progress’ is bringing transformational changes at the ground level.
Modi informed that the government is taking major steps to enhance economic productivity by making the logistics sector more efficient and effective. He also 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. Modi said that four global ship leasing companies of the world have also registered with GIFT International Financial Services Centre (GIFT IFSC). He also called upon other ship leasing companies present at this summit to join GIFT IFSC.
Port, Shipping, and Waterways Minister Sarbananda Sonowal said that his ministry has vowed to take the maritime sector to the next level. “India’s inland waterways transport witnessed a 1700 percent increase in cargo movements in the past nine years,” said Sonowal.
As many as 45 international and Indian CEOs in the maritime sector, more than 14 partner countries, 5,000 delegates have been participating in this three-day long summit, which will witness 13 technical sessions, nine State sessions and nine round table conferences.
