400 investable projects worth ₹2.25 lakh cr for shipping sector ready: PM

March 2, 2021: Prime Minister Narendra Modi today inaugurated Maritime India Summit 2021 through video conferencing and informed that the ministry of port shipping and waterways has created a list of 400 investable projects with an investment potential of $31 billion or ₹2.25 lakh crore.

He invited the world to come to India and be a part of India’s growth trajectory. “India is very serious about growing in the maritime sector and emerging as a leading blue economy of the world,” he said.

The Sagar-Manthan: Mercantile Marine Domain Awareness Centre has also been launched today. It is an information system for enhancing maritime safety, search and rescue capabilities, security and marine environment protection.

He informed that the capacity of major ports has increased from 870 million tonnes in 2014 to 1550 million tonnes now.  Indian ports now have measures such as direct port delivery, direct port entry and an upgraded port community system (PCS) for easy data flow. “Our ports have reduced waiting time for inbound and outbound cargo. Mega ports with world-class infrastructure are being developed in Vadhavan, Paradip and Deendayal Port in Kandla,” he said.

“The government is investing in waterways in a way that was never seen before. Domestic waterways are found to be cost-effective and environment friendly ways of transporting freight. We aim to operationalise 23 waterways by 2030.”

The Sagarmala project for promoting port-led development was announced by the Government in 2016. As part of the programme, more than 574 projects at a cost of $82 billion or ₹6 lakh crores have been identified for implementation from 2015 to 2035. Ship repair clusters will be developed along both coasts by 2022. The domestic ship recycling industry will also be promoted to create 'Wealth from Waste'. India has enacted Recycling of Ships Act, 2019 and agreed to the Hong Kong International Convention.

The Prime Minister concluded with an exhortation to the global investors “India’s long coastline awaits you. India’s hardworking people await you. Invest in our ports. Invest in our people. Let India be your preferred trade destination. Let Indian ports be your port of call for trade and commerce.”