Identified investments worth Rs 10 trillion, says Shipping Minister

To deepen the maritime economy, the center has identified investment opportunities worth Rs 10 trillion ahead of the Global Maritime India Summit, Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal said on Tuesday.

“With identified investment opportunities of more than 10 lakh crores in the country’s maritime sector, we stand on the cusp of a major economic boom that can create employment opportunities for more than 15 lakhs of young people in India,” the minister said at the launch of the summit in Mumbai.

India is actively pursuing the establishment of 5,000 kilometers of transnational waterways, a significant initiative that will effectively facilitate trade and transportation across the region, Sonowal added.

According to government estimates, there is significant investment in the maritime economy as major ports are currently facing an infrastructure deficit. The Rs.111 trillion national infrastructure pipeline also aims to fill these gaps and make India’s port economy competitive with developed economies.

The forum will provide a platform for startups, researchers, incubators and innovators to showcase their technology and expertise, Sonowal said.

“The focal points of GMIS 2023 are ports of the future; decarbonization; coastal shipping and inland shipping; shipbuilding, repair and recycling; finance, insurance and arbitration; Innovation & Technology; Maritime safety and maritime tourism,” he added.

Meanwhile, this year has seen an unprecedented focus on the shipping sector’s carbon emissions. The International Maritime Organization (IMO) has also focused on countries taking action to reduce greenhouse gas (GHG) emissions in their domestic economies.

“India maintains its commitment to developing environmentally responsible shipping solutions,” said Sonowal.

The center plans to introduce carbon-neutral alternatives and encourage the use of battery-powered vehicles and equipment in our major ports. The Department of Shipping also introduced “Green Ports” guidelines earlier this year to enable state-owned ports to achieve net-zero carbon emissions.

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