PM Narendra Modi inaugurates Global Maritime India Summit 2023
By Ronita Torcato
Prime Minister, Narendra Modi inaugurated the third edition of Global Maritime India Summit 2023 in Mumbai via video conferencing today. The Prime Minister also laid the foundation stone for projects worth more than Rs 23,000 crores that are aligned with the ‘Amrit Kaal Vision 2047’ blueprint for the Indian maritime economy which he unveiled at the global conference.
The Prime Minister laid the foundation stone of Tuna Tekra all-weather deep draft terminal, to be built at a cost of more than Rs 4,500 crores at Deendayal Port Authority in Gujarat. This state-of-the-art greenfield terminal will be developed in PPP mode. The terminal, will handle next-gen 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 (IMEEC). The Prime Minister also dedicated more than 300 Memorandums of Understanding (MoUs) worth more than 7 lakh crore for global and national partnerships in the maritime sector.
Addressing the packed gathering at the MMRDA grounds in the Bandra Kurla Complex, the Prime Minister recalled how the world was afflicted by the uncertainties of the Covid pandemic when a virtual edition of the Summit was held in 2021, and emphasized that 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.
The Prime Minister listed the systematic steps undertaken to strengthen the maritime sector in the last few years. He said that Next Generation Mega Port, International Container Trans-shipment port, island development, inland waterways, and multi-modal hub will be undertaken to reduce business costa and environmental degradation, improve logistical efficiency and create jobs. The Prime Minister reiterated that investors have a great opportunity to become part of this sector in India.
In the last decade, the Prime Minister informed that the 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.
“Government’s vision of ‘Ports for Prosperity and Ports for Progress’ is bringing transformational changes at the ground level”, the Prime Minister said as he noted that the mantra of ‘Ports for Productivity’ is also being encouraged.
Coastal Shipping Modes are also being modernized in India and the coastal cargo traffic has doubled in the last decade, thereby providing a cost-effective logistic option.
Regarding the development of inland waterways in India, the Prime Minister informed that cargo handling of national waterways grew by four times.
The Prime Minister aso 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.
Ship-building and repair centers will be developed in many places, he said adding that India is already at second place in the field of ship recycling.
The Prime Minister mentioned GIFT City in Ahmedabad which has launched ship leasing as a financial service while offering discounts at the same time. Shri Modi expressed delight that four global ship leasing companies have registered with GIFT IFSC and called upon other ship leasing companies present at the summit to join GIFT IFSC.
“India has a vast coastline, strong riverine eco-system and rich cultural heritage which create new possibilities for Maritime Tourism '', the Prime Minister said. He mentioned the nearly 5 thousand-year-old Lothal Dockyard in India which is a world heritage and called it the ‘Cradle of Shipping’.
A National Maritime Heritage Complex is also being built in Lothal The PM urged citizens to visit the Lothal heritage site upon completion.
India has the world’s longest river cruise service.On the anvil are International Cruise terminals in Mumbai, Visakhapatnam and Chennai.
Earlier, Union Minister for Ports, Shipping and Waterways, Sarbananda Sonowal, Maharashtra Chief Minister Eknath Shinde and Governor Ramesh Bais also spoke.
The summit is the biggest Maritime Event in the country and attended by Ministers representing Europe, Africa, South America, and Asia (including central Asia, Middle East and BIMSTEC region). The summit is also to be attended by Global CEOs, Business leaders, Investors, Officials, and other stakeholders worldwide. Further, several Indian states are also represented at the summit by Ministers and other dignitaries.
The three-day summit will discuss and deliberate key issues of the maritime sector including ports of the future; decarbonisation; coastal shipping and inland water transportation; shipbuilding; repair and recycling; finance, insurance & arbitration; maritime clusters; innovation & technology; maritime safety and security; and maritime tourism, among others.
The first Maritime India summit was held in 2016 in Mumbai while the Second Maritime Summit was held virtually in 2021.