PM inaugurates Global Maritime India Summit 2023

Prime Minister Narendra Modi inaugurated the third edition of Global Maritime India Summit (GMIS) 2023 in Mumbai via video conferencing today.

The Prime Minister also unveiled Amrit Kaal Vision 2047, a blueprint for the Indian maritime blue economy. "In line with this futuristic plan, the Prime Minister inaugurated, dedicated to the nation and laid the foundation stone for projects worth more than Rs 23,000 crore that are aligned with the Amrit Kaal Vision 2047 for the Indian maritime blue economy," says an official release.

Addressing the gathering, Prime Minister Modi underlined that the world is looking towards India with new aspirations. "The day is not far when India will become one of the top three economies in the world."

Underscoring the role of sea routes in global trade, the Prime Minister emphasised the need for a reliable global supply chain in the post-pandemic world. Next generation mega port, international container transshipment port, island development, inland waterways, and multi-modal hub will be undertaken to reduce business cost.

In the last decade, the Prime Minister said 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.

“The 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.

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 four 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.

Concluding the address, Prime Minister Modi 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," 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.

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, and will handle next-gen vessels exceeding 18,000 TEUs. The terminal will act as a gateway for Indian trade via the India-Middle East-Europe Economic Corridor (IMEEC), the release added.

The first GMIS was held in 2016 in Mumbai while the second GMIS was held virtually in 2021.