The Global Maritime India Summit 2023, one of the world’s prominent maritime conferences, secured an investment commitment of Rs10 lakh crores over its three-day conference in Mumbai.
The Union Minister of Ports, Shipping & Waterways and Ayush, Mr. Sarbananda Sonowal expressed his pleasure at the summit’s outcome, stating that the investment commitment aligns perfectly with Prime Minister Narendra Modi’s vision as outlined in the Maritime Amrit Kaal Vision 2047. This vision sets the stage for India’s maritime sector’s growth over the next 25 years.
The summit was a global gathering, with participation from 215 international and national speakers, and 50,000 attendees both in person and virtually. This third edition of the summit built upon its predecessors, opening up new opportunities for both domestic and international maritime stakeholders.
A key focus of the summit was sustainable development, with discussions on green ports and shipping. Norway and other leading maritime nations shared best practices and set standards for green initiatives in the maritime sector. India plans to achieve carbon neutrality through the use of green fuels, electrified and renewable energy-based yard equipment, and vehicles.
The summit featured a series of roundtables and sessions addressing critical aspects of the maritime sector. Discussions included regional development initiatives such as the India Middle East Europe Economic Corridor (IMEC), BIMSTEC, and the Chabahar port INTSC corridor. There were also discussions on developing multiple ports for connectivity between India and EU countries, as well as promoting maritime gateways for BIMSTEC and IMEC economic corridors.
Union Finance Minister, Nirmala Sitharaman highlighted the significant progress made in India’s maritime sector over the past nine years, with $4.2 billion in foreign direct investments and a global leading 0.9-day turnaround time at Indian ports.
Prime Minister Narendra Modi inaugurated the GMIS 2023 and laid the foundation stones for 21 projects worth Rs 18,800 crores. During the inaugural session, 34 MoUs worth Rs 3.24 lakh crore were signed, including green projects worth Rs 1.8 lakh crore and port development and modernization projects worth Rs 1.1 lakh crore. PM Modi also launched the Maritime Amrit Kaal Vision 2047, which outlines a roadmap for the maritime sector’s development over the next 25 years. This vision aims to unlock an investment of Rs 80 lakh crores for the maritime sector’s development during this period.
