The Union government announced that a significant infrastructure development plan had been launched at Cochin Port. The plan, which aims to modernise fishing and sea harbours, is part of a Rs 75 billion initiative. The funding for this project comes partly from the Pradhan Mantri Matsya Sampada Yojana-Blue Revolution program. Parshottam Rupala, Union Fisheries Minister and Shipping and Sarbananda Sonowa, Ports Minister jointly laid the foundation stone at Cochin for the first phase of the modernisation project, which is valued at Rs 1.7 billion. The Cochin Port Authority will oversee this project, with the objective of transforming Cochin into a global fish trade hub. India has a coastline of 7,500km with 200 ports, out of which 12 are classified as economically critical, including Cochin. The central government has jurisdiction over the country's main ports, while the remaining ports fall under the domain of the states. The export value of fish and fish products is estimated to be worth Rs 15 billion annually after the modernisation of Cochin Port. The overall funding for the project includes grants from the Pradhan Mantri Matsya Sampada Yojana, the Sagarmala scheme of the Ministry of Ports, Shipping, and Waterways, and investments from a public-private partnership. According to the World Bank's projections, the modernisation of ports could lead to a 16% average annual growth in maritime cargo until 2020-26. India is the second-largest producer of fish globally, with a significant aquaculture output. Rupala stated that the country aims to achieve Rs 1 trillion worth of exports from the fisheries sector by 2024-25. The first stage of the project entails constructing four air-conditioned auction halls, fish dressing units, and several ancillary units. The funding will also be utilised for the construction of internal roads, state-of-the-art loading and unloading platforms, a waste management plant, dredging operations, and fishing equipment. Also read: Sonowal launches 'SAGAR SAMRIDDHI' for transparency & efficiency J Kumar wins bid for Chennai Port Expressway construction