PM Modi announces Rs 230 billion in maritime projects

18 Oct 2023 CW Team

Prime Minister Narendra Modi announced the long-term strategy for the blue economy and launched maritime projects worth Rs 230 billion. According to a formal release, the strategy highlights strategic measures targeted at boosting sustainable practises, improving port infrastructure, and streamlining international cooperation.

During the third Global Maritime India Summit, he also dedicated, inaugurated, and laid the cornerstone for projects totaling more than Rs 230 billion that are in line with the "Amrit Kaal Vision 2047" for the Indian maritime blue economy.

Future ports, decarbonisation, coastal shipping, inland water transportation, shipbuilding, repair and recycling, finance, maritime clusters, and maritime tourism are just a few of the important topics that will be covered during the summit. At Gujarat's Deendayal Port Authority, the Prime Minister lay the cornerstone for the construction of the Tuna-Tekra all-weather deep-draft port, which is expected to cost more than Rs 450 billion.

Public-private partnerships (PPPs) will be used to create this new terminal. The port, which is projected to become a major international trade hub, will handle new ships larger than 18,000 twenty-foot equivalent units (TEUs) and serve as a hub for trade between India and the Middle East and Europe (IMEEC).

Additionally, the prime minister committed more than 300 Memorandums of Understanding (MoUs) for national and international cooperation in the maritime industry, totalling more than Rs 7.16 trillion.

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