India looks to revolutionise maritime sector by 2047 with Rs 80 Lakh crore investment: Sonowal

NEW DELHI: The government looks to revolutionise the maritime sector by 2047 with an investment of Rs 80 lakh crore to enhance port capacity, shipping, ship building and inland waterways, Union Minister Sarbananda Sonowal said on Monday. Addressing 'Sagarmanthan - The Great Oceans Dialogue', Sonowal said key projects include the Vizhinjam International Seaport in Kerala, new mega ports at Vadhavan in Maharashtra, and Galathea Bay in Nicobar.

"By 2047, India targets a port handling capacity of 10,000 million metric tons per annum, leveraging strategic trade routes through initiatives like the India-Middle East- Europe Economic Corridor (IMEEC) and the International North-South Transport Corridor," he said.

The Ports Shipping and Waterways minister further said reviving its shipbuilding legacy, India is constructing the National Maritime Heritage Complex at Lothal while advancing clean-fuel shipbuilding to meet future sustainability goals.

Sonowal further said the ministry is also preparing to build future ships that run on clean fuels like ammonia, hydrogen, and electric, capable of traversing brown, green, and blue waters.

Also speaking at the event, a Member of the Economic Advisory Council to the Prime Minister (EAC-PM), Sanjeev Sanyal, said, "Our goal is to position ourselves at the forefront of the maritime sector."

Noting that India has the technology, the young workers, the trade volume, the steel and the coastline, he said the country should aspire in 10 years to build 10-12 per cent of the world's ships and own/flag 8 per cent.

On the sidelines of Sagarmanthan, Sonowal participated in a bilateral meeting with the Minister of Maritime Affairs and Insular Policy Greece, Christos Stylianides.

The two leaders discussed an array of topics and agreed to deepen the maritime relationship between the two countries.

Both the leaders agreed to expand trade from the existing $1.94 billions to doubling it by focussing on broadening, increasing, and balancing by 2030.

Speaking after the meeting, Sonowal said,"India is working with Greece to expand economic cooperation with the European Union market."