Global Maritime India Summit 2023: Unlocking Opportunities In Maritime Sector

Global Maritime India Summit 2023: The Global Maritime India Summit 2023, held in Mumbai, marked a significant milestone in India’s journey towards becoming a global maritime powerhouse. Prime Minister Narendra Modi, through video conferencing, inaugurated the summit and unveiled ‘Amrit Kaal Vision 2047’, a blueprint for the Indian maritime blue economy. This visionary plan sets the stage for transformative growth and development in the maritime sector, attracting investments and creating opportunities for both domestic and international stakeholders.

Setting Stage For Growth – Global Maritime India Summit 2023:

In his address at the summit, Prime Minister Modi highlighted the unprecedented challenges posed by the COVID-19 pandemic and emphasized the need for a new world order. He underscored India’s rising prominence in the global arena, with the world looking towards the country with new aspirations. India’s economy, despite the global economic crisis, continues to strengthen, and the Prime Minister expressed confidence that India will soon emerge as one of the top three economies in the world.

Recognizing the pivotal role of sea routes in global trade, Prime Minister Modi stressed the importance of a reliable global supply chain in the post-pandemic world. He outlined the government’s commitment to strengthening the maritime sector and highlighted the steps taken in recent years to enhance India’s maritime capabilities.

Unveiling ‘Amrit Kaal Vision 2047’ – Global Maritime India Summit 2023:

At the Global Maritime India Summit 2023, Prime Minister Modi unveiled ‘Amrit Kaal Vision 2047’, a comprehensive plan to harness the potential of the Indian maritime sector. The vision focuses on leveraging India’s vast coastline, inland waterways, and strategic location to drive sustainable growth and development.

Under this visionary plan, the government inaugurated and dedicated several projects worth over Rs 23,000 crores aligned with the ‘Amrit Kaal Vision 2047’. Inclusive projects feature Next Gen Mega Ports, International Container Trans-shipment ports, island development, inland waterways, and multi-modal hubs. These initiatives aim to reduce business costs, improve logistical efficiency, and create employment opportunities while ensuring environmental sustainability.

Ports For Prosperity And Progress – Global Maritime India Summit 2023:

Prime Minister Modi emphasized that the government’s vision of ‘Ports for Prosperity and Ports for Progress’ is driving transformational changes in the maritime sector. He highlighted the significant strides made in enhancing the capacity of major ports, with the turnaround time for big vessels reducing from 42 hours in 2014 to less than 24 hours. These improvements not only boost trade efficiency but also contribute to the overall ease of doing business in India.

Emphasizing coastal infrastructure like the SagarMala Project, the government boosts port connectivity, fostering increased employment opportunities. Coastal shipping modes are being modernized, with coastal cargo traffic doubling in the last decade, offering cost-effective logistics options. The development of inland waterways has witnessed remarkable growth, with cargo handling on national waterways increasing fourfold. India’s progress in the Logistics Focus on Performance Index for the past nine years mirrors its commitment to efficiency enhancement.

Fueling Ship-building And Repair Capabilities – Global Maritime India Summit 2023:

Prime Minister Modi highlighted the government’s focus on developing India’s ship-building and repair sector. The indigenous aircraft carrier INS Vikrant stands as a testament to India’s growing capabilities in this domain. Expressing confidence, the Prime Minister foresees India rising among the top five global shipbuilding nations, propelled by ‘Make in India.’

To facilitate industry growth, the government is establishing maritime clusters to bring together all stakeholders in the sector. Additionally, efforts are underway to make major ports in India carbon-neutral through a net-zero strategy. This commitment to sustainability aligns with the government’s vision of a future where the blue economy fosters a greener planet.

Promoting Investment And Collaboration – Global Maritime India Summit 2023:

PM Modi reaffirmed India’s dedication to an investor-friendly atmosphere, inviting global stakeholders to engage in the nation’s maritime sector. Highlighting vast investment potential, he urged investors to join India’s growth story toward becoming a developed nation by 2047.

The Prime Minister spotlighted projects like Gujarat International Finance Tec-City (GIFT City), attracting global ship leasing companies with financial services. He encouraged other ship leasing companies to join GIFT City, recognizing its potential as a hub for maritime finance.

Frequently Asked Questions (FAQs) About Global Maritime India Summit 2023:

What is Amrit Kaal Vision 2047?

It’s India’s plan for maritime growth, focusing on the sea’s potential for sustainable development by 2047.

Why is the Global Maritime India Summit 2023 significant?

It’s a milestone where India showcases plans to become a global maritime leader, attracting investments and creating opportunities.

What projects are part of Amrit Kaal Vision 2047?

Projects worth over Rs 23,000 crores include Next Gen Mega Ports, international container ports, island development, and inland waterways.

How has India improved port efficiency?

Turnaround time for big vessels was reduced from 42 to less than 24 hours, enhancing trade efficiency.

What is the focus on ship-building and repair?

India aims to be a top-five ship-building nation globally, with efforts to establish maritime clusters and carbon-neutral ports.

How is India inviting global participation?

Prime Minister Modi invites global stakeholders to invest in India’s maritime sector, emphasizing the investor-friendly environment and growth potential.

What is the role of GIFT City in maritime finance?

GIFT City lures global firms with ship leasing, aligning with India’s goal to become a leading maritime finance hub.

Why is sustainability crucial in India’s maritime plans?

The commitment to sustainability aligns with the goal of a greener planet and a future driven by the blue economy.

What does ‘Ports for Prosperity and Progress’ signify? 

It’s India’s strategy for transformative changes in the maritime sector, boosting trade efficiency and overall business ease.

How does India aim to emerge globally in the maritime sector? 

By leveraging its strategic location, coastline, and inland waterways, India plans sustainable growth, trade efficiency, and global leadership.

Conclusion – Global Maritime India Summit 2023:

The Global Maritime India Summit 2023 served as a platform to showcase India’s commitment to unlocking the immense potential of its maritime sector. Under the visionary ‘Amrit Kaal Vision 2047’, the government aims to leverage India’s strategic location, vast coastline, and inland waterways to drive sustainable growth, enhance trade efficiency, and create employment opportunities. Through a focus on ports, ship-building, and repair capabilities, India is poised to emerge as a global maritime powerhouse.

With India’s growing economy and global prominence, the maritime sector has become an attractive arena for investors and partnerships. The government’s commitment to creating an investor-friendly environment and its vision of ‘Ports for Prosperity and Ports for Progress’ provide a solid foundation for sustainable growth and development in the Indian maritime industry. The Global Maritime India Summit 2023 marks a significant milestone in India’s journey towards achieving its maritime ambitions and becoming a global leader in the sector.

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