Japan lowers growth forecast amid auto export slowdown
The downward revision reflected delays in the recovery of automobile exports, impacted by certification-related issues with certain manufacturers.
The government today declared its resolve to increase the supply chain efficiency and lower logistics costs which will facilitate India to achieve its well-defined goal of being a $5 trillion economy by 2025.
Union Minister for Ports, Shipping, Waterways and Ayush Sarbananda Sonowal said India has one of the largest supply chain and logistics sectors in the world growing at a fast pace. An efficient logistics ecosystem was thought to be a catalyst for improving the competitiveness of all sectors of the economy, he added.
Addressing the virtual CII Partnership Summit 2021 in New Delhi, Sonowal informed that the Ministry of Ports, Shipping and Waterways has prepared a blueprint – Maritime India Vision 2030 (MIV 2030), to ensure coordinated and accelerated growth of India’s maritime sector in the next decade with the objective of propelling the country to the forefront of the global maritime sector.
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He said MIV 2030 has identified initiatives such as developing world-class mega ports, trans-shipment hubs and infrastructure modernisation of ports. These initiatives would help in lowering overall operational costs of ports, reducing turnaround time for vessels, increasing efficiency and throughput, providing the ability to handle larger ships and developing Indian Port’s strategic importance in the South Asian region.
The minister added that MIV 2030 envisions an overall investment of Rs 3 to 3.5 lakh crore across ports, shipping, and inland waterways categories. He said this vision roadmap is estimated to help unlock Rs. 20,000+ crore worth of potential annual revenue for Indian ports. Further, it is expected to create an additional 20 lakh plus jobs (direct and indirect) in the Indian maritime sector.
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