India (Commonwealth Union)_ In a momentous address, Prime Minister Shri Narendra Modi articulated an ambitious vision for India’s maritime sector. He highlighted the transformative potential of the India-Middle East-Europe Economic Corridor (IMEEC) and extended a cordial invitation to global investors to partake in this monumental initiative. The focal point of this vision is a substantial investment ranging between ₹75 to ₹80 lakh crore by the year 2047, as delineated in a comprehensive vision document unveiled by the Prime Minister.
To underscore the commitment to this endeavor, Modi presided over the laying of the foundation stone for maritime projects exceeding ₹23,000 crore. Speaking through a video-link at the inauguration of the third Global Maritime India Summit (GIMS), Prime Minister Modi expounded on India’s diplomatic achievements at the G-20, which resulted in a historical consensus on the IMEEC. He compared the prospective impact of this initiative to that of the ancient Silk Route, positioning it as a catalyst for global prosperity.
Emphatically, he conveyed to potential investors that they now stand on the edge of a transformative opportunity, one where they can collaborate with India in bringing the corridor to fruition. He said, “For investors, this is an opportunity to partner with India and be a part of these efforts (of making the corridor happen). The corridor has the potential to transform the global maritime industry”.
In Modi’s discerning perspective, the IMEEC holds the potential to revolutionize the worldwide maritime industry. He asserted that the blueprint, unveiled during the G20 summit in New Delhi, embodies a plethora of developmental initiatives. These include the construction of next-generation mega ports, international container transshipment ports, island development, inland waterways enhancement, and the expansion of multimodal hubs. Beyond its economic implications, IMEEC is set to render logistics more efficient, minimize environmental impact, and usher in substantial employment opportunities.
Prime Minister Modi, looking forward, envisaged a future where India would ascend to become one of the world’s top three economic powers. He stressed that in the post-pandemic landscape, the globe demands resilient and dependable supply chains. At the GIMS event, representatives from over 70 countries converged to engage with this audacious vision. He said, “The day is not far when India will be one of the top three economic powers of the world. In the post-Corona world, the world needs reliable and resilient supply chains”.
An illustrative presentation by the Ministry of Ports, Shipping, and Waterways at the summit illuminated the financial requisites for this vision. India is expected to necessitate an investment ranging between ₹75 to ₹80 lakh crore to realize the ambitious targets articulated in the Amrit Kaal Vision 2047 document. Notably, this envisions a cargo handling capacity of 10,000 million metric tons per annum (mmtpa) at Indian major and non-major ports to accommodate the projected trade volumes in 2047.
To this end, the vision document underscores the necessity of bolstering the nation’s port infrastructure significantly to secure a more substantial share in the global export-import (Exim) trade, with a capacity expansion plan of 3,000 mmtpa, facilitated by the addition of two major ports and the remainder through non-major ports, which presently number 68 and collectively offer a capacity of 1,000 mmtpa.
