$82 bn being invested in ports by 2035 : PM

India will invest USD 82 billion in port projects by 2035, raise share of clean renewable energy source in maritime sector, develop waterways, augment seaplane services and boost tourism around lighthouses, Prime Minister Narendra Modi said on Tuesday urging global players to make India a “preferred investment destination”.

As many as 400 projects with investment potential to the tune of USD 31 billion are ready for investors, who can be a part of India’s growth trajectory, Modi said inaugurating the Maritime India Summit.

“More than 574 projects at a cost of USD 82 billion or Rs 6 lakh crore have been identified under the Sagarmala project for implementation during 2030 and 2035... We will encourage private investment in the port sector... India’s long coastline awaits you. India’s hardworking people await you.

“Invest in our ports. Invest in our people. Let India be your preferred trade destination. Let Indian ports be your port of call for trade and commerce,” the Prime Minister said as he invited players to invest in Indian ports, shipyards and waterways.

The Ministry of Ports, Shipping and Waterways is ready with a list of 400 investable projects with investment potential of USD 31 billion or Rs 2.25 lakh crore, Modi said.

“Through this Maritime India summit, I want to invite the world to come to India and be a part of our growth trajectory. India is emerging as a leading blue economy of the world. Our leading focus area includes upgrading current infrastructure, creating next generation infra, boosting the reform journey. Through these steps we aim to give vision to our Aatmanirbhar Bharat,” he said.

Modi further noted that “ours is a government that is investing in waterways in a way that was never seen before. Domestic waterways are found to be cost effective and environment friendly ways of transporting freight. We aim to operate 23 waterways by 2030.” 

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