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Prime Minister Narendra Modi said on Tuesday that the India-Middle East-Europe Economic Corridor has a chance to “transform” the global maritime industry and invited investors to partner with the country to participate in the initiative.
Speaking at the inauguration of the video link of India’s Third World Maritime Summit (GIMS), Modi said India has managed to forge a historic consensus at the G20 for IMEEC, adding that the initiative will prove to be a catalyst for prosperity, just like the Silk Road a few centuries ago.
He unveiled “Amrit Kaal Vision 2047”, a task for India’s maritime blue economy.
In line with this futuristic plan, the Prime Minister inaugurated, engaged with the country and laid the groundwork, 4 projects worth more than Rs 23 billion that are aligned with the ‘Amrit Kaal Vision 2047’ for India’s maritime blue economy.
The summit was also attended by the Minister of the Union of Ports, Navigation and Waterways (MoPSW), Sarbananda Sonowal, and his deputies Sripad Naik and Shantanu Thakur, ministry officials and stakeholders.
“The show (IMEEC) has prospects for the global maritime industry,” he said, adding that the initiative announced at the G20 assembly in New Delhi earlier this year would lead to positive adjustments in global and regional trade.
“For investors, this is an opportunity to partner with India and participate in those efforts (to make the show a reality),” he added.
Modi said the hall addresses a number of progression initiatives, adding the structure of next-generation megaports, foreign container transshipment ports, island progression, inland waterways and the expansion of multimodal hubs.
The IMEEC will reduce trade prices by making logistics more efficient, lessen environmental damage and create many jobs, Modi said at a summit that brought together delegates from more than 70 countries.
He said that as the Silk Road of the afterlife has replaced the economy of many countries, this hall will also be the symbol of global trade.
The Prime Minister said that the global order is transforming after Covid and the whole world is looking to India with new aspirations. He added that the national economy continues to become the third largest economy in the country.
Very few countries are fortunate enough to take advantage of development, demographics, democracy and demand, Modi said, inviting global investors to be part of India’s expansion journey, in which the country aims to join the league of “developed” nations within 25 years. .
He said that the Indian economy is consistently strengthening at a time when the world is facing an economic crisis, and the day is not far off when India will become one of the world’s leading economies.
Highlighting the role of sea routes in global trade, the Prime Minister highlighted the need for a reliable global supply chain in the post-Covid world.
Modi outlined the systematic measures taken to strengthen the sector in recent years and highlighted the transformative effect of the historic G20 consensus on the India-Middle East-Europe Economic Corridor project.
He said that under this initiative, the next-generation mega-port, foreign container transshipment port, island development, inland waterways and multimodal platform will be realized, which will lead to a decrease in trade prices and environmental degradation, logistics powerhouse and job creation.
The Prime Minister reiterated that investors have a wonderful opportunity to participate in this crusade and join India.
Modi said his government has been striving to improve the maritime sector over the past nine or 10 years, adding that whenever India’s maritime functions have been strong in history, the country and the world have benefited.
In the past decade, the time of major ports has doubled, container processing times have been reduced to 24 hours from 42 hours in 2014, thousands of kilometers of roads have been built for greater port connectivity, Modi said, highlighting task creation and ease of living. they are the main drivers of those efforts.
“Ports for prosperity” and “Ports for progress” are a mandate of the government, Modi said, adding that the mantra is “Do in India, do for the world. “
Without specifying a timetable, Modi said he would expand shipbuilding and repair centers across the country.
The structure of the INS Virat aircraft carrier is a testament to the country’s capabilities, he added.
Four global shipping leasing corporations have registered with GIFT-IFSC, Modi said, urging more entities in the shipping leasing industry to identify themselves at India’s IFSC in Gujarat.
He said India’s vast coastline, strong river ecosystem and cultural heritage create wonderful opportunities for maritime tourism. A cruise terminal is being built in the monetary capital, while similar services have been established in Visakhapatnam and Chennai, he said.
Calling the 5,000-year-old Lothal shipyard the “cradle of shipping,” Modi said a national maritime heritage would also be built on the Gujarat site.
He noted that the country has introduced the world’s largest river cruise service to promote maritime tourism.
Speaking about the government’s performance in the shipbuilding and repair sector, the Prime Minister said that the national aircraft carrier INS Vikrant is a test of India’s capability.
“India will become one of the five most sensible shipbuilding nations in the next decade. Our mantra is ‘Make in India – Make for the World,'” the Prime Minister said.
He said the government is running to bring together all stakeholders in the sector through maritime groups.
“We are moving towards a long term where the blue economy will be the way to create a green planet,” he said.
He noted that coastal modes of transportation are also being modernized and said that coastal shipping traffic has doubled in the last decade, offering a cost-effective logistics option for the population.
Talking about the progression of inland waterways in India, the Prime Minister said that shipping handling on national waterways has quadrupled.