Addressing the Global Maritime India Summit 2023, Modi said, “The day is not far when India will be one of the top 3 economic powers of the world. In the Post-Corona world, the world needs reliable and resilient supply chains.”
A presentation by the Ministry of Ports, Shipping, and Waterways during the event said that India will need an investment of Rs 20 lakh crore to achieve the goals set out under the Amrit Kaal Vision 2047 document for the sector.
Highlighting the significance of the recent consensus for the India-Middle East-Europe Economic Corridor during the G-20 Summit, Modi said, “Hundreds of years ago, the Silk Route gave impetus to global trade, this route became the basis for the development of many countries of the world. Now this historical corridor will also change the picture of regional and global trade.”
Modi noted that this corridor will reduce business costs, increase logistical efficiency, while also reducing environmental damage. “This is a big opportunity for investors to become a part of this campaign by associating with India,” he said.
Commenting on the future of Indian ports, the vision 2047 document stated that it is essential for the Indian Ports to further strengthen port infrastructure and drive a greater share of global export-import (EXIM) trade. “A cargo handling capacity of 10,000 million metric tonnes per annum (MMTPA) would be required at the Indian major and non-major ports to cater to the projected traffic in 2047.”ET had reported about this goal to increase capacity of Indian ports by 4 times in December last year.The data received from the major ports in India suggests a capacity expansion plan of 3,000 MMTPA which also includes the capacity developed by addition of 2 new major ports. The remaining capacity will be added by the non-major ports. Currently, there are 68 operational non-major ports having a total capacity of 1,000 MMTPA.