India To Transform Maritime Sector With Rs 80 Lakh Crore Investment

The Indian government aims to transform the maritime sector by 2047 with an ambitious investment of Rs 80 lakh crore. The focus will be on enhancing port capacity, shipping, shipbuilding, and inland waterways, according to Union Minister Sarbananda Sonowal. Speaking at the 'Sagarmanthan - The Great Oceans Dialogue' on Monday, Sonowal outlined key projects, including the Vizhinjam International Seaport in Kerala, mega ports at Vadhavan in Maharashtra, and Galathea Bay in Nicobar.

Sonowal emphasized that India targets a port handling capacity of 10,000 million metric tons per annum by 2047, supported by initiatives such as the India-Middle East-Europe Economic Corridor (IMEEC) and the International North-South Transport Corridor. "By 2047, India targets a port handling capacity of 10,000 million metric tons per annum, leveraging strategic trade routes through initiatives like the India-Middle East-Europe Economic Corridor (IMEEC) and the International North-South Transport Corridor," he said.

Also Read: 20 Lakh Jobs Expected as India's Container Handling Soars: Sonowal

The Minister also highlighted efforts to revive India’s shipbuilding legacy, including the construction of the National Maritime Heritage Complex at Lothal. He further noted advancements in clean-fuel shipbuilding to align with future sustainability goals. "The ministry is also preparing to build future ships that run on clean fuels like ammonia, hydrogen, and electric, capable of traversing brown, green, and blue waters," Sonowal added.

Sanjeev Sanyal, Member of the Economic Advisory Council to the Prime Minister (EAC-PM), also addressed the event, underscoring India's potential in the maritime sector. He stated, "Our goal is to position ourselves at the forefront of the maritime sector," and emphasized that India has the requisite technology, workforce, trade volume, steel, and coastline to meet this ambition. Sanyal expressed hopes that, in the next decade, India would build 10-12 per cent of the world’s ships and own or flag eight per cent.

In addition, Sonowal held a bilateral meeting with Greece's Minister of Maritime Affairs and Insular Policy, Christos Stylianides, during the event. The leaders discussed strengthening maritime relations between the two countries and expanding trade. They agreed to double their trade from the current USD 1.94 billion by 2030, focusing on diversification and balance. "India is working with Greece to expand economic cooperation with the European Union market," Sonowal remarked after the meeting.

Also Read: "Largest Port in Indian History", Sarbananda Sonowal on Vadhvan Port Project