India is becoming a major stakeholder in the global supply chain and this growing capacity is the foundation of the country’s economic growth, Prime Minister Narendra Modi said Monday.

He expressed confidence that this momentum would propel India to become the world’s third-largest economy soon.

Mr Modi was inaugurating the inauguration of Tuticorin International Container Terminal via video message. He underlined that today’s event marks a significant milestone in India’s journey towards becoming a developed nation and hailed the new Tuticorin International Container Terminal as the ‘new star of India’s marine infrastructure’.

Highlighting its role in expanding the capacity of the V.O. Chidambaranar Port, the PM said, “With a deep draft of more than 14 meters and a berth over 300 meters long, this terminal will play a crucial role in enhancing the capacity of the V.O.C. port”.

He further said that the new terminal is expected to reduce logistics costs at the port and save foreign exchange for India.

Acknowledging the vital role that Tamil Nadu’s coastline has played in driving India’s economic growth, Mr Modi noted “With three major ports and 17 non-major ports, Tamil Nadu has become a major hub for maritime trade”.

He added that to further boost the port-led development, India is investing over Rs 7,000 crore in the development of an Outer Harbour Container Terminal, and the capacity of the V.O.C. Port continues to grow. “The V.O.C. Port is ready to write a new chapter in the maritime development of India,” he affirmed.

Mr Modi also spoke about India’s broader maritime mission, which extends beyond infrastructure development. “India is showing the world the path to sustainable and forward-thinking development,” he said, pointing out that the V.O.C. Port is being recognised as a Green Hydrogen hub and a nodal port for offshore wind energy. These initiatives will play a significant role in tackling the global challenges of climate change.

“Innovation and collaboration are India’s greatest strengths on its development journey”, the PM remarked, highlighting that the inauguration of the terminal is a testament to the collective strength.

He underlined that India is now well-connected with a vast network of roadways, highways, waterways, and airways strengthening the nation’s position in global trade. “India is becoming a major stakeholder in the global supply chain and this growing capacity is the foundation of our economic growth”, the PM emphasised.