Prime Minister Narendra Modi this week inaugurated the third edition of Global Maritime India Summit 2023 in Mumbai and unveiled ‘Amrit Kaal Vision 2047’ to boost the country’s maritime economy.
India is rapidly strengthening its infrastructure, even amid global economic challenges, with a focus on maritime development, Prime Minister Modi said. The country’s growth of the maritime sector is in line with the government’s aim of making the country one of the top 3 economies in the world.
PM Modi also dedicated more than 300 MoUs worth more than Rs 7.16 lakh crore for global and national partnerships in the maritime sector.
India’s maritime policy has played a significant role in shaping the country’s economic growth. Recently, India ranked 22nd position in the global rankings on the “International Shipments” category from the 44th position in 2014, as per the World Bank’s Logistic Performance Index Report 2023.
The country also secured the 38th rank on the Logistic Performance Index while the country has also performed well in port operational efficiency. The country’s average turnaround time of only 0.9 days is amongst the best in the world.
India’s Maritime Potential
India is strategically located on the world’s shipping routes with a coastline of approximately 7,517 km. Maritime transport handles around 70 per cent of India’s trading in value terms.
As of 2021, India owns over 30% global market share in the ship-breaking industry and is home to the largest ship-breaking facility in the world at Alang. India has 12 major and 200 non-major or intermediate ports. Jawaharlal Nehru Port Trust is the largest major port in India while Mudra is the largest private port.
As per reports, the port and shipping sector accounts for around 1.4 per cent of the country’s GDP, while coastal shipping and inland waterways sectors account for around 0.3 per cent and 0.1 per cent of GDP respectively, while the maritime services sector accounts for around 2.1 per cent of the country’s GDP. The sector is also a significant employer and provides direct and indirect employment to over 14 million people.
Maritime India Vision 2030
India has one of the largest merchant shipping fleets among the developing countries and is ranked 20th in the world. India’s shipping industry is globally competitive in terms of financing and operating costs.
The Maritime India Vision (MIV) 2030 has emerged as a strategic blueprint to accelerate the growth of the sector. Under the MIV 2030, the government has identified over 150 initiatives across various maritime sub-sectors like ports, shipping, and waterways to boost the maritime sector.
The Vision 2030 was launched by Prime Minister Narendra Modi in March 2021. It was drafted after significant consultation with over 350 public and private stakeholders comprising of ports, shipyards, inland waterways, trade bodies and associations, and legal experts.
Modi Government’s Push
Prime Minister Modi has said that history bears testimony that India’s maritime capabilities have always benefited the world. PM Modi underlined the transformative impact of the historic G20 consensus on the proposed India-Middle East Europe Economic Corridor.
The prime minister also mentioned the construction of new roads to increase port connectivity and touched upon the SagarMala Project to strengthen the coastal infrastructure. The PM also informed that the government is taking major steps to enhance economic productivity by making the logistics sector more efficient and effective.
The Narendra Modi-led government, in the last eight years, has focused on port-led development which is essential for economic growth and building an ”Aatmanirbhar Bharat.” The government has focused on port-led development which includes expanding port capacities and making the existing systems even more efficient.
Earlier in July, Union Minister Sarbananda Sonowal has said the huge potential of the maritime sector can play a significant and pivotal role in elevating the economic cycle towards an Aatmanirbhar Bharat by 2047.
He has further said that the government has identified investment opportunities worth Rs 10 lakh crore in the country’s maritime sector.
Sagarmala Program
The program was launched in 2015 and is a flagship initiative of the Narendra Modi government is aimed at promoting port-led development and harnessing the potential of India’s coastline and maritime sector.
The program has identified over 500 projects across multiple sectors, including port modernization, connectivity, coastal community development, and promotion of tourism. The program aims to generate employment opportunities, increase industrial output and reduce logistics costs.
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