India Targets Rs 80 Lakh Crore Investment In Maritime Sector By 2047

(MENAFN- KNN India) New Delhi, Sep 17 (KNN) India is aiming to attract Rs 80 lakh crore in investments for its maritime sector by 2047 under the Maritime Amrit Kaal Vision 2047.

Union Minister Sarbananda Sonowal announced that this ambitious plan also seeks to generate 1.5 crore jobs while focusing on sustainable and technologically advanced maritime infrastructure.

A major part of this vision is promoting green shipping and modernising port infrastructure to reduce environmental impact and improve operational efficiency.

Under the ongoing Sagarmala programme, 840 projects worth Rs 5.8 lakh crore are planned to be completed by 2035. Out of these, 272 projects worth Rs 1.41 lakh crore have already been finished, reflecting steady progress in boosting maritime connectivity.

One of the most significant upcoming projects is the Vadhavan Port in Maharashtra, being developed at an estimated cost of Rs 76,000 crore.

Once operational, it is expected to be among the world's top 10 container ports and create around 12 lakh jobs, providing a major push to India's export capacity.

The state of Kerala is also emerging as a key player in this sector. The Vizhinjam International Seaport, operational since 2024, has already handled 10.6 lakh TEUs and nearly 500 ships.

The Cochin Shipyard is expanding its shipbuilding and repair capabilities. Kerala has 54 projects under Sagarmala worth Rs 24,000 crore, including harbour upgrades in Kochi, Kannur, and Thrissur, out of which 20 are completed.

India's major ports have also improved efficiency, reducing average turnaround time to 0.9 days, which is faster than ports in the United States, Germany, and Singapore.

Currently, nine Indian ports are ranked among the world's top 100. To further support this growth, a Rs 25,000 crore Maritime Development Fund has been launched to boost shipbuilding, inland waterways, and large vessel operations.

The government aims to attract global investments during the upcoming India Maritime Week 2025 in Mumbai, where discussions will focus on decarbonisation, supply chain resilience, cybersecurity, and sustainable shipping practices.

(KNN Bureau)

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