Huge potential of pvt investment in 400 maritime projects: Govt

The government is eying huge private investment in 400 projects worth Rs 2.24 trillion

The government is eying huge private investment in 400 projects worth Rs 2.24 lakh crore (Rs 2.24 trillion) during the Maritime India Summit 2021, a top official said on Friday.

Prime Minister Narendra Modi is scheduled to inaugurate Maritime India Summit 2021 (MIS 2021) on March 2, which will be held virtually and is likely to be participated by 24 nations.

"The Ministry of Ports, Shipping, and Waterways (MoPSW) has created a compendium of 400 investable projects with an investment potential of Rs 2.24 lakh crore.

"These projects will provide investment opportunities across 11 maritime sectors including port infrastructure development, inland waterways transport and coastal shipping, hinterland connectivity and multi-modal logistics," Secretary, MoPSW, Sanjeev Ranjan said on Friday.

If need arises viability gap funding (VGF) will be provided in line with the provisions of Department of Economic Affairs to attract private sector, the Secretary said addressing the media here.

"Through major policy reforms, private sector has huge opportunities and we expect increased investment... 370 odd MoUs are already being prepared," Ranjan said.

With more than one lakh registrations, MIS 2021 is set to become India's biggest Maritime conference, MoPSW said adding total 44 CEOs have confirmed participation, including 22 international and 22 national CEOs.

Also, 79 speakers have confirmed their participation where 43 are international speakers and 36 are from India.

The ministry said apart from compendium of 400 projects with an investment potential of Rs 2.24 lakh crore "more than 370 MoUs totalling to Rs 2.5 lakh crore of investments have been signed by various Ports, Agencies and Authorities of MoPSW."

International participants will be from the US, Russia, Denmark, Brazil, Japan, Sweden, Singapore and the Netherlands besides other countries.

The Secretary said these MoUs are focused on attracting investment, skilling and generating employment in the sector.

The signing of these agreements will also help in streamlining the process of ship maneuvering resulting in more business to the ports and economic stability to the sector and its stakeholders, he added.

The MIS 2021 will provide a unique platform which will have physical and virtual presence of prominent shipping and transport ministers/ dignitaries from across the world.

Chairman, Jawahar Lal Nehru Port, Sanjay Sethi said there is potential of two-three mega ports.

Director General, Shipping, Amitabh Kumar said efforts are on to enhance India's share of seafarers globally and the number of Indian seafarers has reached 2.34 lakh now from 1.16 lakh in 2014.