Prime Minister Narendra Modi said while the world is grappling with economic crises in the post-Covid-19 situation, the Indian economy is continuing to gain strength, and the day is not far when India will be among the top three economic powers of the world.

He said this while inaugurating the third edition of the Global Maritime India Summit 2023 in Mumbai via videoconferencing on Tuesday.

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Modi unveiled on the occasion the Amrit Kaal Vision 2047, a blueprint for the Indian maritime economy, and to realize it, inaugurated, dedicated to the nation, and laid the foundation stones for projects worth more than Rs 23,000 crore.

At the last Global Maritime India Summit in 2021, he had said the world was “sunk deep in uncertainties” due to the pandemic. “Nobody knew the situation that would emerge finally. One now can see a new world order taking shape, and in this world order, India is being viewed with much expectation,” he had said.

The prime minister said history bears testimony that India’s maritime capabilities have always benefited the world. In the last nine years, several steps were taken by the Government to strengthen the sector.

Modi said the proposed India-Middle East Europe Economic Corridor will revolutionize regional and international trade. The decision on the economic corridor was taken at the recent G20 Summit due to India’s initiative.

The corridor will help decrease logistics cost and environment conservation and create a huge number of employment opportunities. Investors have a great opportunity to become part of this campaign and join India, he said.

The prime minister said India is poised to become one of the top ship-building nations of the world in the coming decades. India’s mantra is “Make in India, Make for the World.” India is working on an integrated approach to bring together shipbuilders of the world for the development of maritime clusters.

Modi said India is focusing on the shipbuilding and repair sector in a big way. The indigenous aircraft-carrier INS Vikrant has proved India’s capacity and capabilities. There has been a four-fold growth in cargo-handling capacity of India’s national waterways in the last decade. In the last nine years, India’s rating in the logistics performance index has also improved.

“India is today working to become a developed nation in the next 25 years,” he said. Several initiatives have been taken to strengthen the entire maritime ecosystem. The capacity of major ports has been doubled. The turnaround time of container vessels at ports has improved significantly,” he said.

Modi said the Indian government is developing a structure to enhance the connectivity of ports. The infrastructure at coastal areas has been strengthened through the Sagarmala project.

“The government’s vision of ‘Ports for Prosperity and Ports for Progress’ is bringing transformational changes at the ground level,” the prime minister said. He said the government is taking major steps to enhance economic productivity by making the logistics sector more efficient and effective.

He underlined that coastal shipping modes are also being modernized in India and said the coastal cargo traffic has doubled in the last decade, thereby providing a cost-effective logistic option for the people.

He mentioned India is already at the second place in the field of ship recycling. The effort is on to make major ports in India carbon-neutral via a net-zero strategy for the sector. “We are moving towards a future where the ‘blue economy’ will be the medium to create a ‘green planet’,” he said.

The prime minister underlined that work is underway in India for the big players in the maritime sector to enter the country and mentioned GIFT City in Ahmedabad which has launched ship leasing as a financial service while offering discounts at the same time.

Modi also expressed delight that four global ship-leasing companies of the have also registered with GIFT IFSC and called upon other ship-leasing companies present at the summit to join GIFT IFSC.

“India has a vast coastline, strong riverine ecosystem and a rich cultural heritage, which create new possibilities for maritime tourism,” the prime minister remarked. He said India’s nearly 5,000-year-old Lothal dockyard is a world heritage and is the “cradle of shipping”.

A National Maritime Heritage Complex is being built in Lothal near Mumbai to preserve this world heritage and urged citizens to visit it upon completion.

Mentioning the upcoming international cruise terminal in Mumbai and modern cruise terminals in Visakhapatnam and Chennai, he said “India is moving towards becoming a global cruise hub through its state-of-the-art infrastructure.”

The prime minister said that India is one of the few countries which has a combination of “Development, Demography, Democracy and Demand”. India is moving towards the goal of becoming a developed India by 2047, and this is a golden opportunity for investors to come to the country, he said.