India to be steady lighthouse for global rough seas: PM Narendra Modi

PM tells int'l shipping cos to invest and expand in India

As the government attempts to catalyse investments worth over ₹10 trillion in maritime infrastructure this year, Prime Minister Narendra Modi on Wednesday told global shipping giants to invest and expand in India as it can provide the stability needed in an uncertain blue economy.

 

“When the global seas are rough, the world looks for a steady lighthouse, India is well poised to play that role with strength and stability. Amid global tensions, trade disruptions, and shifting supply chains, India stands as a symbol of strategic autonomy, peace, and inclusive growth,” Modi said at the Maritime Leaders Conclave at the India Maritime Week here.

 

The Prime Minister said that India is eyeing significant growth in key areas like shipbuilding, share of container cargo, and expansion of cargo capacity at ports.

 

“We welcome your ideas, innovations, and investments. India has 100 per cent foreign direct investment (FDI) in ports and shipping. Public private partnership is also growing at a fast pace, and there are incentives being given under the ‘Make in India, Make for The World’ vision. States are also being encouraged to bring investments in. This is the right time for you to invest and expand in India,” Modi told the gathering of global maritime leaders.

 

The leaders, including top executives of major global maritime firms, later had a closed-door meeting with Modi. Some of these firms have also announced business expansion plans during the week.

 

India’s maritime and trade initiatives are integral to the broader vision of being a symbol of strategic autonomy and inclusive growth. Citing the India-Middle East-Europe Economic Corridor as an example, Modi said it will redefine trade routes and promote clean energy and smart logistics.

 

“Inclusive maritime development can happen only when small island developing states and least developed countries are strengthened through technology, training, and infrastructure development. We have to be together in tackling supply chain disruptions, climate change, economic uncertainty, and maritime security,” he said.

 

Modi said that India’s ports are now counted among the most efficient in the developing world, and in many cases, are outperforming ports in the developed world. He added that the average container dwell time in India has reduced to less than three days, which is better than several developed nations. The PM said the average vessel turnaround time has dropped from 96 hours to 48 hours, making Indian ports more competitive and attractive for global shipping lines.

 

While the investment summit is convened biennially, the government has an ambitious target of securing meaningful and large-scale commitments from global players on the back of policy and legislative reforms. In the previous session of Parliament, the Ministry of Ports, Shipping and Waterways introduced and changed five laws.

 

These, according to officials, upgraded India’s maritime legislative structure, and brought it on a par with that of developed maritime economies. The Union cabinet also recently passed a ₹70,000 crore package to support the nascent maritime sector and provide fiscal and incentive-based backing to maritime infrastructure.