$82 Billion Will Be Invested In Port Projects: PM Narendra Modi In Maritime India Summit

$82 Billion Will Be Invested In Port Projects: PM Narendra Modi In Maritime India SummitPM Narendra Modi.

Prime Minister Narendra Modi on Tuesday (2 March) underscored that India will invest USD 82 billion in port projects by 2035, raise share of clean renewable energy source in maritime sector, develop waterways, augment seaplane services and boost tourism around lighthouses, reports PTI.

Addressing Maritime India Summit through video conferencing, Modi made the clarion call while expressing India's vision to turn up it as a leading Blue Economy of the world with its focus on the maritime sector.

He also invited the whole world to come to India and be a part of its growth trajectory.

"More than 574 projects at a cost of USD 82 billion or Rs 6 lakh crore have been identified under the Sagarmala project for implementation during 2030 and 2035... We will encourage private investment in the port sector... 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," the Prime Minister said as he invited players to invest in Indian ports, shipyards and waterways.

PM Modi informed that the Ministry of Port Shipping and Waterways has created a list of 400 investable projects. These projects have an investment potential of $31 billion or Rs 2.25 lakh crore.

Talking about the Maritime India Vision 2030, PM Modi said It outlines the priorities of the government.

He said that the government has recently widened the ambit of the maritime sector by renaming the Ministry of Shipping as Ministry of Ports, Shipping and Waterways so that work happens in a holistic manner. The government is also focusing on the domestic ship building and ship repair market. To encourage domestic shipbuilding approval has been given to the Shipbuilding Financial Assistance Policy for Indian Shipyards.