The third Global Maritime India Summit 2023 was officially opened in Mumbai by the Prime Minister, Shri Narendra Modi, via video conference. The ‘Amrit Kaal Vision 2047’, a plan for the Indian ocean blue economy, was also announced by the prime minister.

The Prime Minister officially opened, dedicated to the country, and laid the cornerstone for more than Rs 23,000 crores worth of projects that are in keeping with the “Amrit Kaal Vision 2047” for the Indian ocean blue economy in accordance with this forward-thinking strategy. The conference offers a fantastic venue for luring investment to the nation’s marine industry.

The Prime Minister addressed the crowd and invited everyone to the third Global Maritime India Summit 2023. He recounted how the uncertainties of the Covid epidemic had plagued the entire world at the time of the Summit in 2021 and stressed that a new global order is emerging right now. The Prime Minister emphasised that, in the context of the shifting global order, the world is looking at India with fresh ambitions.

He 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.

The globe has always benefitted from India’s marine capabilities, according to history, the prime minister claimed. The Prime Minister outlined the methodical measures taken in recent years to develop the industry. He emphasised the historic G20 agreement on the projected India-Middle East Europe Economic Corridor’s transformative effects. According to him, just as the historical Silk Route had an impact on the economies of several nations, this corridor will also influence how people see international commerce.  According to him, the implementation of the Next Generation Mega Port, International Container Trans-shipment Port, Island Development, Inland Waterways, and Multi-Modal Hub would result in a decrease in business costs and environmental damage, as well as an increase in logistical efficiency and the creation of employment.

Prime Minister 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. 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. 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”, the Prime Minister said as he noted that the mantra of ‘Ports for Productivity’ is also being encouraged. Shri Modi informed that the government is taking major steps to enhance economic productivity by making the logistics sector more efficient and effective. 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 Performance Index in the last 9 years.

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’”, the Prime Minister said.

He informed that the government is working to bring together all stakeholders in the sector through maritime clusters. Ship-building and repair centers will be developed in many places. He mentioned that India is already at second place in the field of ship recycling. 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 emphasised that preparations are being made in India for major companies in the marine industry to arrive there and named GIFT City in Ahmedabad, which has introduced ship leasing as a financial service while also providing discounts. Shri Modi expressed his happiness on the registration of four international ship leasing firms with the GIFT IFSC. Additionally, he urged the other ship leasing businesses in attendance at this meeting 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 remarked.

He mentioned the nearly 5 thousand-year-old Lothal Dockyard in India which is a world heritage and called it the ‘Cradle of Shipping’. He informed that a National Maritime Heritage Complex is also being built in Lothal near Mumbai to preserve this world heritage and urged the citizens to visit upon completion.

The Prime Minister mentioned the world’s longest river cruise service to promote maritime tourism in India. He informed about the upcoming International Cruise terminal in Mumbai and modern cruise terminals in Visakhapatnam and Chennai. “India is moving towards becoming a global cruise hub through its state-of-the-art infrastructure”, he added.

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”, Shri 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, Shri Sarbananda Sonowal was present on the occasion.