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USD 82 bn being invested in ports: PM Modi at Maritime India Summit

The Maritime India Summit 2021 is being organised by the Ministry of Ports, Shipping and Waterways on a virtual platform from March 2-4.

India TV News Desk India TV News Desk
New Delhi Updated on: March 02, 2021 12:28 IST
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Image Source : PTI

USD 82 bn being invested in ports: PM Modi at Maritime India Summit

India will invest USD 82 billion in port projects by 2035, raise the share of clean renewable energy source in the maritime sector, developing waterways and boost tourism around lighthouses as part of port-led development, Prime Minister Narendra Modi said on Tuesday. Speaking at the Maritime India Summit, he invited global investors to invest in Indian ports, shipyards and waterways. More than 574 projects costing USD 82 billion or Rs 6 lakh crore have been identified for implementation between 2015 and 2035 under the Sagarmala Project, he said.

The government, he said, is looking to operationalise 23 waterways by 2030.

"Ours is a government that is investing in waterways in a way that was never seen before. Domestic waterways are found to be cost-effective and environment-friendly ways of transporting freight," he said.

Also, plans have been drawn for developing tourism on land adjacent to 78 out of 189 lighthouses on the Indian coastline.

"This with the objective of enhancing the development of the existing lighthouses and its surrounding areas into unique maritime tourism landmarks," he said adding the government has also initiated holistic development of islands.

Alongside, the usage of clean renewable energy in the maritime sector is being raised.

"We are in the process of installing solar and wind-based power systems in all the major ports across the country. We aim to increase usage of renewable energy to more than 60 per cent of all energy by 2030 in three phases across Indian ports," he said.

Modi said Indian ports have reduced waiting time for inbound and outbound cargo. "India is very serious about growing in the maritime sector and emerging as a leading Blue Economy of the world," he said.

(With PTI inputs)

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