Prime Minister Narendra Modi inaugurates the third edition of Global Maritime India Summit (GMIS) 2023 via video conferencing on October 17, 2023.
New Delhi: Prime Minister Narendra Modi unveiled ‘Amrit Kaal Vision 2047’, a blueprint for the Indian maritime blue economy via video conferencing at the inauguration of the third edition of Global Maritime India Summit 2023 in Mumbai, today. The blueprint outlines strategic initiatives aimed at enhancing port facilities, promoting sustainable practices, and facilitating international collaboration.
Modi also inaugurated, dedicated to the nation and laid the foundation stone for projects worth more than Rs 23,000 crores “aligned with the ‘Amrit Kaal Vision 2047’ for the Indian maritime blue economy”. He laid the foundation stone of the Tuna Tekra all-weather deep draft terminal, to be built at a cost of more than Rs 4,500 crores at Deendayal Port Authority in Gujarat. This state-of-the-art greenfield terminal will be developed in public-private partnership (PPP) mode. The terminal, which is likely to emerge as an international trade hub, will handle next-gen vessels exceeding 18,000 twenty-foot equivalent units (TEUs) and will act as a gateway for Indian trade via the India-Middle East-Europe Economic Corridor (IMEEC). The Prime Minister also dedicated more than 300 Memorandums of Understanding (MoUs) worth more than Rs. 7 lakh crore for global and national partnerships in the maritime sector.
The three-day summit is the biggest maritime event in the country which is envisaged to be a platform for attracting investment in the country’s maritime sector. It will witness the participation of ministers from across the globe representing countries from Europe, Africa, South America, and Asia (including central Asia, the Middle East and the BIMSTEC region), the Prime Minister’s Office stated.
The summit will discuss and deliberate key issues of the maritime sector including ports of the future; decarbonisation; coastal shipping and inland water transportation; shipbuilding; repair and recycling; finance, insurance and arbitration; maritime clusters; innovation and technology; maritime safety and security; and maritime tourism, among others.
The first Maritime India Summit was held in 2016 in Mumbai while the second Maritime Summit was held virtually in 2021.
The Prime Minister underlined that work is underway in India for the big players in the maritime sector to enter the country and mentioned GIFT City in Ahmedabad which has launched ship leasing as a financial service while offering discounts at the same time. Modi noted that 4 global ship leasing companies of the world have also registered with IFT International Financial Services Centre (GIFT IFSC). He also called upon other ship leasing companies present at this summit to join GIFT IFSC. He also mentioned that the capacity of major ports in India has doubled, and the turnaround time for big vessels has come down to less than 24 hours as compared to 42 hours in 2014.
– global bihari bureau
