Global Maritime India Summit 2023 Modernizing Logistics and Coastal Shipping

Prime Minister Narendra Modi, while inaugurating the third edition of Global Maritime India Summit 2023
Prime Minister Narendra Modi, while inaugurating the third edition of Global Maritime India Summit 2023 held in Mumbai, remarked that India has a vast coastline, a strong riverine eco-system, and a rich cultural heritage – all of which have the potential to create Maritime Tourism. The nearly 5000-year-old Lothal Dockyard in India is a world heritage site and is dubbed the ‘Cradle of Shipping’. A National Maritime Heritage Complex is being built in Lothal near Mumbai to preserve. The world’s longest river cruise service is being developed in Mumbai to promote maritime tourism, and the cruise terminals in Visakhapatnam and Chennai are being modernised.

India is moving towards becoming a global cruise hub through state-of-the-art infrastructure, The Government’s vision of ‘Ports for Prosperity and Ports for Progress’ is bringing transformational changes at the ground level and it is taking major steps to make the logistics sector more efficient. Coastal Shipping Modes are being modernized since coastal cargo traffic has doubled in the last decade. With the development of inland waterways, cargo handling of national waterways has grown four times and India has improved its status in the Logistics Performance Index during the last 9 years.

The Prime Minister underlined the transformative impact of the historic G20 consensus on the proposed India-Middle East Europe Economic Corridor and said that the way the Silk Route of the past changed the economy of many countries, this corridor too will transform global trade. Under this, Next Generation Mega Port, International Container Trans-Shipment Port, island development, inland waterways, and multi-modal hubs will be developed; they will cut down business costs, reduce environmental degradation, improve logistical efficiency, and create jobs.

He reiterated that investors have a great opportunity to become part of this campaign. Underscoring the role of sea routes in global trade, he emphasized the need for a reliable global supply chain. “India has resolved to become a developed nation in the next 25 years. The government is bringing about revolutionary changes in every sector, including strengthening the maritime sector. The capacity of major ports has doubled, and the turnaround time for big vessels has come down to less than 24 hours compared to 42 hours in 2014. New roads are being constructed, which will increase port connectivity. The SagarMala Project will further strengthen coastal infrastructure while increasing employment opportunities,” he said.

Global Maritime India Summit 2023 Modernizing Logistics and Coastal Shipping

The Summit provided an excellent platform for attracting investment in the country's maritime sector. The Prime Minister laid the foundation stone for projects worth ~Rs 23,000 crores, aligned with the ‘Amrit Kaal Vision 2047’ for the Indian maritime blue economy. The government is focused on the ship-building and repair sector and India is already at second place in the field of ship recycling, and is working towards bringing together all stakeholders in the sector through maritime clusters. Ship building and repair centers will come up in many places and major ports in India will be made carbon-neutral by adopting a net-zero strategy. “We are moving towards a future where the Blue Economy will be the medium to create a Green Planet”.

The indigenously developed aircraft carrier INS Vikrant is proof of India's capacity. “India is going to become one of the top five ship-building nations in the coming decade. Our mantra is Make in India - Make for the World”. The GIFT City in Ahmedabad has launched ship leasing as a financial service. Four global ship leasing companies of the world have already registered with GIFT IFSC and ship leasing companies present at the summit were invited to join GIFT IFSC. “At a time when India is moving towards the goal of becoming a developed India by 2047, this is a golden opportunity for you,” said the PM as he sent out an open invite to investors from all over the world.

The Prime Minister laid the foundation stone of Tuna Tekra all-weather deep draft terminal to be built at a cost of ~ Rs 4,500 crores at Deendayal Port Authority in Gujarat. This greenfield terminal will be developed in PPP mode and is likely to emerge as an international trade hub with a capacity to handle vessels exceeding 18,000 twenty-foot equivalent units (TEUs). It will also be a gateway for Indian trade via the India-Middle East-Europe Economic Corridor (IMEEC). The Prime Minister also dedicated more than 300 MoUs worth ~7 lakh crores for global and national partnerships in the maritime sector.

The Summit was the biggest maritime event in the country and witnessed participation of ministers representing Europe, Africa, South America, and Asia (including Central Asia, the Middle East, and the BIMSTEC region). It was attended by global CEOs, business leaders, investors, ministers, dignitaries and officials from various states, and other stakeholders.

Global Maritime India Summit 2023 Modernizing Logistics and Coastal Shipping

During the three days, key issues in the maritime sector, including developing ports of the future and maritime clusters, decarbonization, coastal shipping and inland water transportation, shipbuilding, repair and recycling; finance, insurance and arbitration; innovation & technology; maritime safety and security; and maritime tourism, were discussed and deliberated upon.
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