In view of the huge future business opportunities in the country's shipping sector, the just concluded maiden Maritime Summit has resulted in investment commitments of nearly Rs 83,000-cr ($13 billion) in the shipping, ports and allied sectors, Union Shipping Minister Nitin Gadkari said, claiming that as many as 141 agreements entailing investment of Rs 82,900-cr were signed at the summit which was inaugurated by the Prime Minister and that the sector has targeted investments worth $60 billion for 240 projects in the next five years. In fact, the Defence Ministry entering into a pact with Shipping Ministry turned out to be one of the biggest achievements of the summit. The contract will ensure an order flow of nearly Rs 75,000-cr to the troubled private sector shipyards whereby Rs 50,000-cr will come on a nomination basis from the Cochin Shipyard, while another Rs 25,000-cr will flow from other departments. The Sagarmala project will bring down the cost of logistics to 10% from the present 18%, thus making Indian goods competitive, he said adding that the government would mobilise Rs 1 trillion investment in the ports sector over the next decade and promised to personally handhold investors for a "safe, secure and satisfactory" berthing so as to transform the country's 7,500-km-long coastline as an "engine of growth".
