India’s Long Coastline Offers Huge Investment Opportunities: Modi

“Ten million jobs will be created under Sagarmala in next 10 years,” said PM Modi.

Prime Minister Narendra Modi addresses at the Maritime India Summit, in Mumbai. (Photo: IANS) 

Prime Minister Narendra Modi inaugurated the country’s first-ever three-day Maritime India Summit (MIS) on Thursday in Mumbai, aimed to attract potential global investors for huge opportunities in the maritime sector.

Maritime transport can be the most extensive mode of transport. It is also the most eco-friendly mode of transport. Our lifestyle, transport systems and trading behaviour should not spoil the ecology of the oceans. Challenges of climate change have shown that even offshore human behavior can change the ecology of glaciers and oceans.

Narendra Modi, Prime Minister

He added that while maritime transport can be the most extensive and eco-friendly mode, care must be taken on maritime security, freedom of navigation and safety and security of sea lanes.

Invoking Ambedkar, the chief architect of India’s constitution on his 125th birth anniversary, Modi said.

Dr Ambedkar is also the architect of the water and river navigation policy in India. Many of us may not know that Babasaheb created two powerful institutions related to water, navigation and power – The Central Waterways, Irrigation and Navigation Commission and The Central Technical Power Board. Dr Ambedkar emphasised the importance of a new waterways policy to lay the foundation for a regime of prosperity for millions of India’s poor. We have embarked on the development of National Waterways in keeping with Babasaheb’s vision and foresight.

Talking of India’s growth rate, PM Modi said, “With a GDP growth rate of more than seven percent, India is the fastest growing major economy today. We Indians are inheritors of a glorious maritime heritage. It is my government’s endeavour to revive and restore India’s position of eminence in the global maritime sector.”

He recalled India’s rich maritime heritage by referring to the world’s first dock built at Lothal in Gujarat around 2,500 BC, which is still known by the same name in Ahmedabad district.

Besides Lothal, there were several other important ancient Indian ports which proved to be major drivers of global maritime trade over 2000 years ago, he said.

Prime Minister Narendra Modi pays tribute to bust of Babasaheb Ambedkar on the occasion of his 125th birth anniversary during the inaugural ceremony of Maritime India Summit 2016 in Mumbai on Thursday.(Photo: PTI)

There are many references in ancient Indian literature, Greek and Roman works about the vibrant maritime trade of India with Rome, Greece, Egypt and Arabia. Ancient and medieval Indian traders maintained links with countries in South-East and East Asia, Africa, Arabia and Europe.

‘Ten Million Jobs Will be Created Under Sagarmala’

“Want to modernise ports and integrate them with SEZs, Port based Smart Cities, Industrial Parks, Warehouses, Logistics Parks. Our maritime agenda will complement this ambitious infrastructure plan for the hinterland which is going on in parallel.”

Long coastline of India along with diverse coastal regions and hard working coastal communities can become an engine of growth of India. Our vision is to increase port capacity from one thousand, four hundred million tonnes to three thousand million tonnes by 2025. Ten million jobs will be created under Sagarmala in next ten years.

He said, “Operating profit of India’s 12 major ports rose by Rs 6.7 billion in Financial year 2016.”

Private ports have been growing at a very healthy pace and have nearly doubled their capacity in the last five years. India has had a glorious maritime history. We are on the path of shaping an even better maritime future.