PM Narendra Modi kicks off Maritime India Summit, says $82 billion can be invested in ports by 2035

India will make investments USD 82 billion in port initiatives by 2035, increase share of fresh renewable vitality supply in maritime sector, develop waterways and enhance tourism round lighthouses as a part of port-led growth, Prime Minister Narendra Modi mentioned on Tuesday.
Speaking on the Maritime India Summit, he invited international buyers to spend money on Indian ports, shipyards and waterways.
More than 574 initiatives costing USD 82 billion or Rs 6 lakh crore have been recognized for implementation between 2015 and 2035 below the Sagarmala Project, he mentioned.
The authorities, he mentioned, is seeking to operationalise 23 waterways by 2030.
“Ours is a government that is investing in waterways in a way that was never seen before. Domestic waterways are found to be cost effective and environment friendly ways of transporting freight,” he mentioned.

Also, plans have been drawn for creating tourism on land adjoining to 78 out of 189 lighthouses on Indian shoreline.
“This with the objective of enhancing development of the existing lighthouses and its surrounding areas into unique maritime tourism landmarks,” he mentioned including the federal government has additionally initiated holistic growth of islands.
Alongside, the utilization of fresh renewable vitality within the maritime sector is being raised.
“We are in the process of installing solar and wind based power systems in all the major ports across the country. We aim to increase usage of renewable energy to more than 60 per cent of all energy by 2030 in three phases across Indian ports,” he mentioned.
Modi mentioned, Indian ports have decreased ready time for inbound and outbound cargo. “India is very serious about growing in the maritime sector and emerging as a leading Blue Economy of the world,” he mentioned.
The authorities of India can be specializing in the home shipbuilding and ship restore market, Modi mentioned including to encourage home shipbuilding, a Shipbuilding Financial Assistance Policy for Indian Shipyards has been authorized.

“India’s long coastline awaits you. India’s hardworking people await you. Invest in our ports. Invest in our people. Let India be your preferred trade destination. Let Indian ports be your port of call for trade and commerce,” he added.