Indian Prime Minister Narendra Modi inaugurated the third edition of the Global Maritime India Summit 2023 in Mumbai through a virtual conference. During this event, he introduced ‘Amrit Kaal Vision 2047,’ a comprehensive plan for India’s maritime blue economy. As part of this forward-looking strategy, the Prime Minister launched and laid the foundation for projects worth over Rs 23,000 crores, all aligned with the ‘Amrit Kaal Vision 2047’ for India’s maritime blue economy. This summit serves as an important platform for attracting investments in India’s maritime sector.
In his address, Prime Minister Modi welcomed participants to the third edition of the Global Maritime India Summit in 2023. He acknowledged how the previous summit in 2021 had to grapple with the uncertainties of the COVID-19 pandemic. He emphasized that a new world order is emerging, with the world looking towards India with new hopes. The Prime Minister noted India’s strengthening economy in the face of global economic challenges and expressed confidence that India would soon be among the world’s top three economies. He highlighted the significance of sea routes in global trade and stressed the need for a dependable global supply chain in the post-pandemic world.
Modi pointed out that throughout history, India’s maritime capabilities have had a positive impact on the world. He detailed the various systematic steps taken in recent years to bolster the maritime sector. He underscored the transformative potential of the proposed India-Middle East Europe Economic Corridor, comparing it to the historic Silk Route’s impact on economies. This corridor is expected to reshape global trade by facilitating projects like the Next Generation Mega Port, International Container Trans-shipment port, island development, inland waterways, and multi-modal hubs. These initiatives are aimed at reducing business costs, enhancing environmental sustainability, improving logistical efficiency, and generating employment opportunities.
The Prime Minister emphasized that investors have a unique opportunity to participate in these endeavors and be a part of India’s growth story. He noted the government’s vision of ‘Ports for Prosperity and Ports for Progress’ is bringing substantial changes at the grassroots level, and ‘Ports for Productivity’ is being actively promoted. Modi also highlighted government efforts to enhance economic productivity by making the logistics sector more efficient. Coastal shipping modes in India are being modernized, and coastal cargo traffic has doubled over the past decade, offering a cost-effective logistics solution. Additionally, the development of inland waterways has seen significant growth, with cargo handling on national waterways quadrupling. Modi concluded by mentioning India’s notable improvement in the Logistics Performance Index over the past nine years.
