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Business News/ News / India/  India's 2047 development goal offers investment opportunities in maritime sector: Modi

India's 2047 development goal offers investment opportunities in maritime sector: Modi

India is rapidly strengthening its infrastructure, even amid global economic challenges, with a focus on maritime development, Modi said

Prime Minister Narendra Modi. (ANI)Premium
Prime Minister Narendra Modi. (ANI)

New Delhi: Prime Minister Narendra Modi on Tuesday hailed India as an emerging maritime power and invited global investors to join India's path towards progress as it aims to become a developed nation by 2047.

Inaugurating the Global Maritime India Summit (GMIS) 2023 virtually, Modi underscored India's unique blend of development, demography, democracy, and demand, urging investors to seize the opportunity. The summit in Mumbai features global ministers, CEOs, business leaders, investors, and officials.

“India is among few countries that has a strong combination of development, demography, democracy and demand…I invite investors to come to India and move together on the path of progress and create a new future for all of us," the prime minister said.

India is rapidly strengthening its infrastructure, even amid global economic challenges, with a focus on maritime development, Modi said.

He said that the recently concluded G-20 leaders summit in New Delhi took a historic decision to build an India, Middle East, Europe economic corridor which will become a vehicle to transform the global maritime sector.

“Hundreds of years ago, silk route paved the way for global trade and became engine for growth and development for various countries. Now the new economic corridor is also poised to change the picture off regional and global trade," the prime minister said.

Modi said that work related to the corridor including the development of a next-generation mega port and container transshipment port has already started and a plan is being worked out on island development, strengthening inland waterway systems and expansion of multi-modal hub. This corridor, the prime minister said, will reduce business cost, improve logistical efficiency and result in rise, less environmental degradation while create large numbers of jobs.

The PM said that India is working to become a developed country in next 25 years and in this regard bringing big reforms in all sectors that would make India an attractive destination for investors.

He said efforts to strengthen maritime infrastructure helped in doubling the capacity of major ports in India in the last decade while ports have improved capacities reducing container turnaround time from 42 hours in 2014 to below 24 hours in 2023.

“Our vision of ports for prosperity and ports for progress is constantly bringing change on the ground. But our work has also taken the mantra of ports for productivity ahead," PM said.

He said that examples of progress made in India are plenty as is evident from doubling of coastal cargo traffic and four times growth of cargo traffic on inland waterway system in the last decade.

The PM emphasized the progress seen in India's coastal cargo traffic and inland waterway systems, with plans to rank among the top five shipbuilding nations and become a global cruise tourism hub.

Modi highlighted efforts to establish maritime clusters, bring stakeholders together, and develop multiple shipbuilding and repair sectors. India is also working on a net-zero strategy for major ports to become carbon-neutral, contributing to a greener planet.

He called upon global shipping companies to register and operate from Gift City in Gujarat, known for ship leasing. Four global ship leasing companies have already registered with Gift-IFSC, demonstrating India's commitment to attracting maritime investment.

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Subhash Narayan
Subhash is the infrastructure editor at Mint and tracks the momentous developments taking place in the space that is fast changing the Indian landscape. He feels that reporting has been a passion that provides the necessary adrenaline rush and keeps you going.
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Published: 17 Oct 2023, 02:04 PM IST
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