India will invest $82 bn in port projects: PM
More than 574 projects costing $82 billion or Rs 6 lakh crore have been identified for implementation between 2015 and 2035 under the Sagarmala Project
image for illustrative purpose
Speaking at the Maritime India Summit, Modi has invited global investors to invest in Indian ports
New Delhi: India will invest $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, Prime Minister Narendra Modi said on Tuesday urging global players to make India a 'preferred investment destination'.
As many as 400 projects with investment potential to the tune of $31 billion are ready for investors, who can be a part of India's growth trajectory, Modi said inaugurating the Maritime India Summit. "More than 574 projects at a cost of $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.
The Ministry of Ports, Shipping and Waterways is ready with a list of 400 investable projects with investment potential of $31 billion or Rs 2.25 lakh crore, Modi said adding, this will further strengthen India's commitment of overall development of its maritime sector. "Through this Maritime India summit, I want to invite the world to come to India and be a part of our growth trajectory. India is emerging as a leading blue economy of the world. Our leading focus area includes upgrading current infrastructure, creating next generation infra, boosting the reform journey. Through these steps we aim to give vision to our Aatmanirbhar Bharat," he said.
Modi further noted that "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. We aim to operate 23 waterways by 2030."
He said this will be done through infrastructure enhancement, fairway development, navigation aid and river information system provisions and focus will also be given on augmenting regional connectivity to Bangladesh, Bhutan and Myanmar. New Maritime Infra will usher in ease of living through launch of roll-on, roll-off and other projects for harnessing rivers. "Waterdromes at 16 locations are being developed to enable seaplane operations... River cruise terminal infra and jetty are being developed on five national waterways.
