PM Modi unveils Rs 230 bn Maritime initiatives at Global Summit

Prime Minister Narendra Modi inaugurated significant maritime projects valued at Rs 230 billion and unveiled a comprehensive vision document for the blue economy. This visionary blueprint delineates strategic measures focused on improving port infrastructure, encouraging sustainable practices, and fostering international cooperation, as per an official statement. During the third edition of the Global Maritime India Summit, the Prime Minister not only launched but also dedicated to the nation and laid the foundation stone for projects exceeding Rs 230 billion, in alignment with the 'Amrit Kaal Vision 2047' for India's maritime blue economy. The summit, a platform for discussing pivotal issues in the maritime sector such as future ports, decarbonisation, coastal shipping, inland water transportation, shipbuilding, repair, recycling, finance, maritime clusters, and maritime tourism, was the stage for these momentous announcements. Prime Minister Modi laid the foundation stone for the Tuna-Tekra all-weather deep-draft terminal, a project valued at over Rs 45 billion, situated at the Deendayal Port Authority in Gujarat. This innovative terminal, developed through a public-private partnership (PPP) model, is anticipated to evolve into a global trade hub. Equipped to handle next-generation vessels exceeding 18,000 twenty-foot equivalent units (TEUs), it will serve as a pivotal gateway for Indian trade via the India-Middle East-Europe Economic Corridor (IMEEC). Furthermore, the Prime Minister marked the occasion by dedicating more than 300 Memorandums of Understanding (MoUs) valued at over Rs 7.16 trillion, fostering global and national collaborations within the maritime sector.