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Business News/ News / India/  Investment opportunities worth over 10 trn identified in India’s maritime sector: Sonowal
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Investment opportunities worth over ₹10 trn identified in India’s maritime sector: Sonowal

With identified investment opportunities exceeding ₹10 lakh crore, the sector has the potential to generate employment for over 15 lakh youth in India

Union Minister of Ports, Shipping, and Waterways Sarbananda Sonowal.Premium
Union Minister of Ports, Shipping, and Waterways Sarbananda Sonowal.

New Delhi: Investment opportunities worth more than 10 trillion have been identified in India’s maritime sector, said Union minister of ports, shipping & waterways Sarbananda Sonowal on Tuesday. The minister was speaking at the curtain raiser event for Global Maritime India Summit (GIMS) 2023.

The event aims to unlock the potential for new investments and collaborations in the maritime sector. It also seeks to promote knowledge sharing, technology advancements, and the ease of doing business in the sector.

Sonowal emphasized the crucial role of the maritime sector in India’s economic growth, highlighting its potential not only for India but also for the Asia-Pacific region. He expressed confidence in India’s ability to lead the maritime industry, thanks to proactive government policies concerning ports, shipping, and inland waterways.

“India can lead from the front," Sonowal said, and emphasized that India’s maritime sector is on the cusp of significant growth. 

With identified investment opportunities exceeding 10 lakh crore, the sector has the potential to generate employment for over 15 lakh youth in India, he added.

Encouraging maritime stakeholders from India and around the world to participate, Sonowal highlighted India’s proactive regional trade development efforts within the BIMSTEC region. He mentioned India’s commitment to establishing 5,000 kilometers of multi-country waterways, facilitating trade and transportation in the region.

The Global Maritime India Summit 2023 will focus on various key areas, including Ports of the Future, Decarbonization, Coastal Shipping & Inland Waterways Transportation, Shipbuilding, Repair & Recycling, Finance, Insurance & Arbitration, Innovation & Technology, Maritime Safety & Security, and Maritime Tourism.

Sonowal also highlighted India’s commitment to developing environmentally conscious shipping solutions. India ranks second globally in recycling and aims to attain the top position within the next two decades. The country plans to promote the use of battery-powered vehicles and apparatus, as well as carbon-neutral alternatives in major ports.

The Global Maritime India Summit 2023 serves as a significant milestone in positioning India as a global maritime hub. Collaborative discussions and strategic partnerships forged during the event are expected to drive sustainable growth in the maritime sector, fostering innovation and cutting-edge technology.

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Published: 18 Jul 2023, 05:29 PM IST
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