Pitching for making the country’s 7,500-km long coastline an “engine of growth”, Prime Minister Narendra Modi on Thursday said India wants to mobilize Rs 1 lakh crore investment to enable port development and invited global community to invest.
Inaugurating the first Maritime India Summit (MIS) in Mumbai, Modi said it is the “right time” to come and better through the “sea route”. The summit is projected as the second big thing after the MII week organised in Mumbai in February and is expected to yield investment agreements worth Rs 82,000 crore.
“Our vision is to increase port capacity from 1,400 million tonnes to 3,000 million tonnes by 2025. We want to mobilize an investment of Rs 1 lakh crore in the port sector to enable this growth,” the Prime Minister said after opening the MIS 2016.
Union Minister for Surface Transport and Shipping Nitin Gadkari said, “Port-led development is high on the priority lists of the government. It has the potential of creating one crore jobs, 40 lakh directly and 60 lakh indirectly in the next five years. The summit will open a new era of international cooperation in the maritime sector.”
The summit will host 72 speakers addressing thematic sessions and over 3,000 delegates, including 300 international delegates. Union ministers Rajnath Singh, Manohar Parrikar, Narendra Singh Tomar, Sushma Swaraj and ministers of State Nirmala Seetharaman, Piyush Goyal, Rajiv Pratap Rudy, and Dharmendra Pradhan are also expected to attend the seminar among other leaders. Chief ministers of states — Maharashtra, Andhra Pradesh, Gujarat and Goa will also participate in the summit. Over 120 business and concession agreements, worth over Rs 82,000 crore, have been planned to be signed at the summit, which is being organised with South Korea as the partner country.