India's maritime sector to attract ₹80L crore investment: Sonowal
What's the story
India's maritime sector is set to witness a major boost with an expected investment of over ₹80 lakh crore in the coming years. This was announced by Union Shipping Minister Sarbananda Sonowal at the inauguration of Vizhinjam port's second phase. The minister said that this massive investment would help India reclaim its lost maritime supremacy and become a global leader in the sector once again.
Port development
Vizhinjam port's transformation into global transshipment hub
Sonowal said that the completion of the second phase of development would transform Vizhinjam port into "a regional transshipment hub of global significance." He praised the port's "remarkable operational performance" since its dedication to the nation in May last year. The minister also highlighted that under Prime Minister Narendra Modi's leadership, India's maritime sector has seen unprecedented growth over the past decade.
Economic impact
India's logistics costs show improvement
Sonowal said that the progress in India's maritime sector is reflected in the country's logistics costs, which was around 7.97% of GDP for 2023-24. This is a significant improvement from earlier levels, according to the Department for Promotion of Industry and Internal Trade (DPIIT) and National Council of Applied Economic Research (NCAER). The minister emphasized Kerala's special role in this national maritime transformation due to its world-class ports and modern shipping facilities.
Future prospects
Vizhinjam seaport to boost employment and trade
Sonowal expressed confidence that the Vizhinjam seaport, along with the maritime ecosystem being developed in Kerala, will create jobs, boost trade, empower coastal communities, and also strengthen India's position in the global supply chain. He said Kerala is currently implementing 56 Sagarmala-related projects worth over ₹24,000 crore. Of these, 20 projects worth ₹5,300 crore have been completed, while 36 others worth ₹18,700 crore are at various stages of implementation.