Global CEOs have committed massive maritime investments to PM: Govt

Rs 5.5 trillion has started funnelling from previous MoUs, says Sonowal

Global shipping and shipbuilding giants have committed massive investments in India to Prime Minister Narendra Modi during their meeting on Wednesday, Sarbananda Sonowal, minister of ports, shipping and waterways, said on Thursday.

 

“The event, which was held yesterday with 11 global chief executive officers — the leaders represented port modernisation players, operators, dredging operators, ship management services, shipbuilding and maritime services, and construction of components. These leaders promised and committed in all these areas,” shipping secretary Vijay Kumar said at a press conference at the India Maritime Week.

 

Sonowal added that the India Maritime Week witnessed investment commitments worth Rs 12 trillion across ports, shipping, and shipbuilding.

 

 

As part of initiatives worth more than Rs 2.2 trillion, the Shipping Corporation of India (SCI) announced plans to expand its fleet to 216 vessels by 2047 with an investment of Rs 1 trillion, adding 10 million gross tonnage (GT) and strengthening India’s global maritime competitiveness.

 

Moreover, oil and gas public sector undertakings (PSUs) launched 59 shipbuilding orders worth Rs 47,800 crore, enhancing indigenous shipbuilding capacity and creating new jobs across coastal regions, the government said. 

 

To promote green port operations, the Green Tug Programme was launched to deploy 100 eco-friendly tugs by 2040, with an investment of about Rs 12,000 crore, supporting India’s transition to cleaner and more energy-efficient maritime logistics.

 

On Thursday, Danish shipping giant Maersk registered a new legal entity, Maersk Bharat IFSC Pvt Ltd, at the GIFT City International Financial Services Centre, Gujarat, and flagged two vessels — Maersk Vigo and Maersk Vilnius — under the Indian flag.

 

This initiative aligns with the growing importance of domestic tonnage for supply chain resilience, Maersk said. Earlier, it also signed a pact to expand the Pipavav port with a potential investment of Rs 17,000 crore.

 

“At the last summit (2023), investments were committed for Rs 8.5 trillion. Of this, around Rs 5.5 trillion commitments have been grounded. We are not signing MoUs only for the sake of signing them,” Sonowal said.

 

After his meeting with global CEOs, Modi said in a post on social media, “India is the perfect harbour when it comes to investing in the maritime sector. We have a very long coastline. We have world-class ports. We have infrastructure, innovation, and intent. Come, invest in India!”

 

The shipping secretary said that 20 per cent of the latest Rs 12 trillion agreements were for port modernisation, with similar figures for shipping and shipbuilding, port-led industrialisation, and green shipping.