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Business Economy

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

Mumbai, Jul 18 (UNI) India’s maritime sector is poised for growth, owing to pro-active government policies around ports, shipping and inland waterways, said Sarbananda Sonowal, Union Minister of Ports, Shipping & Waterways, on Tuesday.
Addressing the gathering after the launch of the curtain raiser of Global Maritime India Summit (GIMS) 2023 here, he said, "With an identified investment opportunities of more than Rs 10 lakh crore 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."
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, he pointed.
“India is spearheading the advancement of regional trade within the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) region, taking a prominent role in the development of various regional projects. 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,” the Minister said.
This summit has been designed to explore and examine riches of India’s Blue Economy, with an aim of unlocking potential for new investment opportunities along with collaborations for knowledge and technology to enhance cooperation in trade and promote ease of doing business (EODB), he added.
Speaking on occasion, Minister of State for Ports, Shipping and Waterways, Shripad Naik, said, "The Global Maritime India Summit 2023 represents a crucial milestone in our efforts to position India as a global maritime hub. Through collaborative discussions and strategic partnerships, we aim to propel our maritime sector towards sustainable growth, bolstered by innovation and cutting-edge technology."
Rajiv Jalota, chairman, Indian Ports Association & Mumbai Port Authority; Rajesh Kumar Sinha, additional secretary, Ministry of Ports, Shipping and Waterways; Bhushan Kumar, joint secretary (SM), Ministry of Ports, Shipping and Waterways; Rajesh Tandon, chief executive officer, Foreign Owners were present at the event, a press release stated here.
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