Maritime India Vision sets eyes on Rs 20 lakh crore

19 Oct 2023 CW Team

India is gearing up for a colossal investment of approximately Rs 75-80 lakh crore to fuel the aspirations outlined in Vision 2047, a strategic roadmap for the nation's maritime sector. This substantial funding will play a pivotal role in boosting port handling capacity fourfold, establishing maritime clusters in proximity to Indian ports, and transforming three islands into hubs for bunkering, ship repair, and Vessel Spares and Stores, among other critical initiatives. Official estimates suggest that a substantial Rs 15-20 lakh crore of this investment will be directed towards expanding the country's port handling capacity by the year 2047.

Prime Minister Narendra Modi, while addressing the esteemed gathering at the Global Maritime India Summit 2023, expressed his vision, stating, "The day is not far when India will be one of the top 3 economic powers of the world. In the Post-Corona world, the world needs reliable and resilient supply chains."

A presentation delivered by the Ministry of Ports, Shipping, and Waterways during the summit underscored the necessity of Rs 20 lakh crore in investments to achieve the ambitious objectives laid out in the Amrit Kaal Vision 2047 document, aimed at the flourishing development of India's maritime sector. This massive financial commitment underscores India's determination to emerge as a global maritime force in the coming years.

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