Investment opportunities worth more than Rs 10 lakh crores in India’s maritime sector identified: Union Minister Sonowal

New Delhi [India], July 18 : The Union Minister of Ports, Shipping and Waterways Sarbananda Sonowal on Tuesday launched the curtain raiser of the Global Maritime India Summit (GIMS), 2023 in Mumbai and said that investment opportunities worth more than Rs 10 lakh crore have been identified in India’s maritime sector.
Addressing the curtain raiser for the upcoming Global Maritime India Summit 2023, Sonowal emphasised the vital role of the maritime sector in India's economic progression and the potential it holds for the Asia-Pacific region.
"India can lead from the front," Union Minister Sonowal said.
"With an identified investment opportunities of more than Rs 10 lakh crores in the maritime sector of the country, we are standing at a threshold of a major economic upswing which can generate employment opportunities for more than 15 lakhs youth of India," he added.
He further stated that the huge potential of India’s marine sector can play a significant and pivotal role in elevating the economic cycle towards an Atmanirbhar Bharat by 2047.
"As the key driver of India’s maritime sector, our ministry has been organising the Global Maritime India Summit, to create value from the vast potential of India’s rich maritime sector.
"This summit has been designed to explore and examine the riches of India’s Blue Economy. We hope that the best minds of the maritime sector will hedge their goodwill, intent, intelligence and skills to produce a roadmap for sustainable development of the maritime sector as well as our country," he said.
On the occasion, he also invited maritime stakeholders in India and globally to be part of these investment opportunities.
"We invite all the Under the visionary leadership of Prime Minister Narendra Modi, India is spearheading the advancement of regional trade within the BIMSTEC region, taking a prominent role in the development of various regional projects," he said.
"India is actively driving the establishment of 5,000 km of multi-country waterways, a significant initiative that will effectively facilitate trade and transportation across the region," he added.
Union Minister Sonowal said that India stands firmly on its commitment to developing environmentally conscious shipping solutions.
"India proudly occupies the second rank in recycling worldwide, with a clear objective to ascend to the top position within the forthcoming two decades. To propel this vision, we plan to inaugurate carbon-neutral alternatives and boost the use of battery-powered vehicles and apparatus in our major ports," he said.
The curtain-raiser event is aimed at unlocking the potential for new investment opportunities along with collaborations for knowledge and technology to enhance cooperation in trade and promote Ease of Doing Business (EODB).
The curtain raiser event is aimed at creating a global forum of thought leaders as well as industry captains from the maritime sector to harness the immense potential of Blue Economy and draw a roadmap to unlock value through the creation of investment opportunities in the maritime sector of India.
The Global Maritime India Summit 2023 is slated for October 17 to 19 at Pragati Maidan in New Delhi.
"The forum will provide a platform for start-ups, researchers, incubators and innovators to showcase their technology & expertise. The focus areas of GMIS, 2023 are Ports of the Future; Decarbonization; Coastal Shipping and Inland Waterways Transportation; Shipbuilding, repair and recycling; Finance, Insurance and arbitration; Innovation & technology; Maritime Safety and Security and Maritime Tourism," an official statement said.