India reaches out to 100 nations for ₹10 trillion shipping investment

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In a bid to drive investments worth ₹10 trillion into India’s shipping, ports, and shipbuilding sectors, the Ministry of External Affairs and Ministry of Ports, Shipping and Waterways has reached out to over 100 countries for the India Maritime Week, proposed to be held in October.

 

With India enforcing a host of fiscal and legislative reforms over the past seven months, Prime Minister Narendra Modi will personally interact with global chief executive officers of leading global shipping companies at the maritime week, said R Lakshmanan, joint secretary at the shipping ministry, while addressing ambassadors and delegates of various nations in Delhi.

 

“These opportunities open up to $1 trillion maritime investment roadmap, with strong potential for joint ventures in developing ports and cargo terminal operations, multi-modal terminals, maritime services, shipbuilding, ship recycling and ship repairs, green hydrogen hubs, and sustainable shipping solutions,” Shipping Minister Sarbananda Sonowal said at the Ambassadors’ Roundtable Meet.

 

According to a presentation made by the shipping ministry, 25 global CEOs and around 10 regional business leaders will meet the Prime Minister in October.

 

Ambassadors of several countries sought discussions on the proposed India Middle East Europe Economic Corridor (IMEEC), while landlocked countries sought deliberations on the future of the Chabahar Port, which is proposed to be a gateway to Central Asia.

 

The deliberations focused on India’s core maritime priorities, including strengthening shipbuilding capacity and port-led development to position the country as a global hub. Delegates also highlighted the scope of the blue economy, stressing sustainable growth and livelihoods through responsible use of ocean resources, the shipping ministry said.

 

The government has showcased its commitment to fostering maritime growth on the back of its Maritime Amrit Kaal Vision 2047, which proposes investments of ₹80 trillion over the next 22 years, including a ₹54 trillion investment in shipbuilding, where India aims to become one of the top five manufacturing nations.