PM Modi inaugurates Global Maritime India Summit 2023 in Mumbai

Mumbai: Prime Minister Narendra Modi inaugurated the third edition of Global Maritime India Summit 2023 in Mumbai via video conferencing on Tuesday. During the inauguration PM Modi also unveiled ‘Amrit Kaal Vision 2047’, a blueprint for the Indian maritime blue economy. In line with this futuristic plan, he 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.

Addressing the gathering, the PM welcomed everyone to the 3rd edition of the Global Maritime India Summit (GMIS) 2023. He 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, he underlined that the world is looking towards India with new aspirations.

PM Modi stated that 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. Underscoring the role of sea routes in global trade, the Prime Minister emphasized the need for a reliable global supply chain in the post-Corona world.

PM Modi said that history bears testimony that India's maritime capabilities have always benefited the world. The Prime Minister listed the systematic steps undertaken to strengthen the sector in the last few years. He underlined the transformative impact of the historic G20 consensus on the proposed India-Middle East Europe Economic Corridor. He said that as the Silk Route of the past changed the economy of many countries, this corridor too will transform the picture of global trade.

PM said that Next Generation Mega Port, an 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 Prime Minister reiterated that investors have a great opportunity to become part of this campaign and join India.

‘Ports for Prosperity and Ports for Progress’

PM Modi reiterated that the India of today is working to fulfill 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.

"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.

“Government’s vision of ‘Ports for Prosperity and Ports for Progress’ is bringing transformational changes at the ground level”, PM Modi said as he noted that the mantra of ‘Ports for Productivity’ is also being encouraged. 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 Focus on Performance Index in the last 9 years.

Focus on ship-building and repair

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 said. He informed that the government is working to bring together all stakeholders in the sector through maritime clusters.

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”.

The Prime Minister 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.

Combination of Development, Demography, Democracy and Demand

Concluding the address, the Prime Minister remarked that India is one of the few countries which has such a combination of Development, Demography, Democracy and Demand. “At a time when India is moving towards the goal of becoming a developed India by 2047, this is a golden opportunity for you”, PM 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.

Union Minister for Ports, Shipping and Waterways, Sarbananda Sonowal, Maharashtra Governor Ramesh Bais, Maharashtra Chief Minister Eknath Shinde and Goa Chief Minister Dr Pramod Sawant were was present on the occasion.