PM Modi sets Rs 23,000-crore projects rolling, cheers for IMEEC

Prime Minister Narendra Modi on Tuesday called India an emerging maritime power and invited global investors to join India’s path towards progress as it aims to break the league of developed nations by 2047. 

“India will be among the top five shipbuilding nations in the next few decades,” Modi said, adding that the government is working to bring together all stakeholders in the sector through maritime clusters, and that ship-building and repair centres will be developed in many places.

Modi laid the foundation stone for 21 projects worth over Rs 18,000 crore along with a Rs 4,539-crore Tuna Tekra all-weather deep-draft terminal at the Deendayal Port Authority in Gujarat, calling it the “international trade hub as part of the India-Middle East-Europe Economic Corridor” at the inaugural event of the third edition of the Global Maritime India Summit (GMIS) 2023.

The terminal, which will act as a gateway for Indian trade via IMEEC, will handle next-generation vessels exceeding 18,000 twenty-foot equivalent units (TEUs).

Moreover, a total of 34 Memorandums of Understanding (MoUs) worth Rs 3.24 lakh crore were signed on day one of the summit, in categories like ‘green hydrogen and green ammonia’, ‘port development and modernisation’, ‘port connectivity’ and ‘trade and business’. Overall, a total of 300 MoUs worth more than Rs 7 lakh crore are expected to be signed. 

Modi said that work related to the IMEEC corridor, including the development of a next-generation mega port and container transshipment port, has already started while a plan is in works for island development, strengthening inland waterway systems and expansion of a multi-modal hub.

“Hundreds of years ago, silk route paved the way for global trade and became engine for growth and development for various countries. Now the new economic corridor is also poised to change the picture of regional and global trade,” he said.

The IMEEC will help reduce business costs, improve logistical efficiency, curtail damage to the environment and also create a lot of jobs, Modi said in the address at the summit, which drew delegates from over 70 countries including the UEA, South Africa, Armenia, Sri Lanka among others.

In addition, the PM also unveiled ‘Amrit Kaal Vision 2047’, a blueprint for the Indian maritime sector, that draws upon 11 strategic themes aimed at enhancing port facilities, promoting sustainable practices, and facilitating international collaboration.

Underscoring the significant role of sea routes in global trade, he emphasised the need for a reliable and resilient global supply chain in the post-Covid world.

Ship leasing activities have begun in Gujarat International Finance Tec-City (GIFT City). “Four global ship leasing companies have registered with the GIFT-IFSC,” Modi informed, urging more entities in the ship leasing trade to set up a presence at GIFT City.

He said the capacity of major ports have doubled in the last decade. “The turnaround time for container vessels in 2014 was about 42 hours. This has been reduced to less than 24 hours in 2023,” he added. The Prime minister also said that in the past decade, the coastal shipping traffic has doubled, while the cargo handled by in-land waterways has grown four times.

Modi said India’s large coastline, strong riverine ecosystem and rich cultural heritage create great possibilities for maritime tourism. A cruise terminal is being built in the financial capital, while similar facilities have come up in Visakhapatnam and Chennai, he added.

**EDS: IMAGE VIA PIB** New Delhi: Prime Minister Narendra Modi attends the inauguration of the Global Maritime India Summit (GMIS) 2023 via a video conference on Tuesday Oct. 17 2023. (PTI Photo)(PTI10_17_2023_000109B)

**EDS: VIDEO GRAB VIA PMINDIA WEBSITE** New Delhi: Prime Minister Narendra Modi attends the inauguration of the Global Maritime India Summit (GMIS) 2023 via a video conference on Tuesday Oct. 17 2023. (PTI Photo)(PTI10_17_2023_000037B)