Indian Economy News

Prime Minister Mr. Narendra Modi announced Rs. 20 trillion (US$ 240 billion) blueprint for improving maritime infra by 2047

  • IBEF
  • October 18, 2023

By improving ports and reducing shipping emissions, Prime Minister Mr. Narendra Modi has unveiled a plan to invest Rs. 20 trillion (US$ 240 billion) by 2047 in developing India's maritime sector.

"The world needs reliable and resilient supply chains in the post-corona (COVID-19) era," Mr. Narendra Modi declared in his speech at the Global Maritime India Summit (GMIS) in Mumbai.

A plan to make major ports carbon neutral and to promote domestic hydrogen production and distribution is part of the Amrit Kaal plan. By 2047, port capacity is expected to have quadrupled to 10,000 million tonnes annually, with 100% public-private partnerships (PPPs) secured for 12 major ports.

As per Mr. Narendra Modi, enhancing maritime infrastructure is crucial since the Group of 20 (G20) summit in Delhi in September marked the unveiling of the vital India Middle East Europe Economic Corridor (IMEC).

“The historic corridor will change regional and global trade. The development of next-generation mega ports and international container transhipment ports, island development, inland waterways, and multimodal hubs will take place under this corridor. This will lead to a reduction in business cost, environmental damage, and a rise in logistical efficiency and creation of jobs,” said Mr. Narendra Modi.

Additionally, the Prime Minister laid the foundation stone for the Tuna Tekra all-weather deep draft terminal that will be built for more than Rs. 4,500 crore (US$ 540.5 million) in PPP mode at the Deendayal Port Authority (Kandla Port) in Gujarat.

According to the Ministry of Ports, Shipping, and Waterways, "the terminal, which is likely to emerge as an international trade hub, will handle next-generation 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," which is another name for the proposed corridor.

According to Mr. Narendra Modi, India would be among the top five shipbuilding countries in the world. Four ship leasing companies have registered under eased provisions with the IFSC-GIFT City.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.