Prime Minister Narendra Modi said that India wants to mobilise Rs 1 lakh crore investment to enable port development and invited global community to invest to transform country’s 7,500-km long coastline an “engine of growth”. Modi said at the Maritime Summit 2016 that the government plans to double port capacity to 3 billion tons by 2025. Maritime India Summit 2016 (MIS 2016) is a maiden flagship initiative of Ministry of Shipping, Government of India that will provide a unique global platform for investors to explore potential business opportunities in the Indian Maritime Sector.
India, according to Modi, plans to add five new ports to meet increasing demand of trade, which is expected to rise in line with the fast-growing Indian economy. New ports are also being developed by several coastal states of India. Elaborating on the government’s plans for the sector, Modi referred to the shipping ministry showcasing some 250 projects with investment opportunity in the maritime sector.
All this is being done to empower youth in the coastal community, particularly the fishermen. The developments will create 4 million direct and 6 million indirect job opportunities. To further broaden livelihood opportunity the government is planning to deploy modern and sophisticated fishing vessels.
The government will halve the previously estimated 10-year time frame to complete the Sagarmala port development project, Union Minister Nitin Gadkari said. The minister for shipping, road transport and highways also spoke about an agreement with the defence ministry that could potentially lead to orders worth Rs 50,000 crore for Indian shipyards, including private ones.
The Sagarmala project is estimated to create 10-million jobs, he said at the Maritime India Summit. Developing India’s 7,500-km coastline will boost merchandise exports by $110 million and increase coastal shipping volumes by as much as five times of the current levels to about 330-420 million tonne per annum, he said. It could mobilise investment of about Rs 4 lakh crore in India’s infrastructure sector over the next 10 years.