CARGOCONNECT-MARCH2024 - Flipbook - Page 14
CATAPULT
MARITIME IN INDIA
GATHERING STEAM
P
rime Minister Narendra Modi
recently inaugurated three major
infrastructure projects in Kerala
worth more than `4,000 crore,
which include New Dry Dock (NDD) at
Cochin Shipyard Ltd (CSL), International
Ship Repair Facility (ISRF) of CSL, and LPG
Import Terminal of Indian Oil Corporation
Ltd at Puthuvypeen, Kochi. These major
infrastructure projects are in line with the
government’s vision to transform India’s
ports, shipping, and waterways sector, and
build capacity and self-su昀케ciency in it.
During his speech, the Prime Minister
reiterated the government’s e昀昀orts to build
mega ports, shipbuilding and ship-repairing
infrastructure at a time when India is
taking new strides and becoming a major
centre of global trade. In such a scenario,
PM Modi said the government is engaged
in improving the strength of port cities
like Kochi. He listed an increase in port
capacity, investment in port infrastructure,
and improved connectivity of ports under
the Sagarmala Project.
The Prime Minister highlighted the
14 | CARGOCONNECT MARCH 2024
reforms made in the ports, shipping and
waterways sector and remarked that Indian
ports have achieved double-digit annual
growth in the last ten years. “Till 10 years
ago, ships had to wait quite long at the
ports and the unloading took very long.
Today, the situation has changed,” PM
Modi said, adding that India has surpassed
many developed nations when it comes to
ship-turnaround time.
The PM also touched upon the recently
launched Maritime Amrit Kaal Vision which
presents a roadmap to reinforce India’s
maritime prowess.
In October last year, the government
unveiled ‘Maritime Amrit Kaal – Vision
2047’ to strengthen maritime trade as it
looks to harness India’s maritime potential
in the years ahead. The Ministry of Ports,
Shipping, and Waterways (MoSPW) has
outlined nearly 300 initiatives with the
goal of positioning the country as a global
maritime leader. The vision document
which lays out a long-term plan for the blue
economy, estimates an investment of `75-80
trillion over the next 25 years, through
several ambitious objectives, including
carbon neutrality at major ports, promotion of domestic hydrogen production and
distribution, development of six deep-sea
mega ports and 25 cruise terminals, and
securing a spot among the world’s top 昀椀ve
shipbuilding nations.
As part of the vision, the government
looks to quadruple port capacity to 10
billion tonnes per annum by 2047, with
100% public-private partnerships (PPPs)
planned for 12 major ports. There will
also be a focus on acquiring new vessels
to increase India’s share in the global shipping market. Establishment of the Digital
Centre of Excellence for Maritime E昀케ciency
(COEME) is also one of the initiatives. Out
of the estimated `80 trillion required for
the entire project, approximately `55 trillion
will be allocated to port and vessel-related
infrastructure. According to MoSPW, the
investments are expected to create 35-40
million additional jobs.
India’s maritime sector holds immense
promise due to its exceptional geography.
With a coastline spanning 7,517 kilometres,
