Govt expects investment worth Rs 80-lakh crore in domestic maritime industry: Sonowal

Mumbai: The government is expecting an investment of Rs 80 lakh crore in the domestic maritime industry, including ports, shipbuilding and ship repair, among others, in the next 25 years as the country aspires to become one of the top five shipbuilding nations by 2047, Union Minister Sarbananda Sonowal said on Tuesday.

Addressing a media conference in collaboration with the Indian Ports Association (IPA) ahead of the fourth edition of the India Maritime Week (IMW) 2025, Sonowal said that various policy initiatives have been taken under the leadership of Prime Minister Narendra Modi to propel the maritime industry in the country.

The five-day event, IMW, is slated to commence in the financial capital from October 27 and will be addressed by Prime Minister Narendra Modi, among others.

Outlining the government's vision for the maritime sector, the Minister for Ports, Shipping and Waterways, said, "India's maritime journey is entering a new chapter under the vision of Prime Minister Narendra Modi. ... we are working to transform our ports, shipping, and logistics ecosystem into one that is resilient, sustainable, and future-ready." He said that under the twin vision, Maritime Vision 2030 and Maritime Amrit Kaal Vision 2047, India will be one of the top 10 shipbuilding nations in the world in the next five years, and by 2047, the fifth largest.

"The maritime sector of India is also aligned with the vision of Viksit Bharat@2047, and by 2047, we aim to witness large-scale investments, world-class infrastructure, and enhanced global competitiveness across our blue economy. This opens vast avenues for international collaboration, including a 1 trillion US dollars maritime investment roadmap," he said.

"So in the next 25 years, this sector will have a good, huge investment of Rs 80-lakh crore and in all segments, whether it is port, institution,s research, design, shipbuilding, ship repair, ship recycling, and all other ecosystems. And every article of this maritime industry will be strengthened, and it will create such an ecosystem, which will draw the attention of the global giant in this sector to put their investment in India," Sonowal said.

IMW 2025 will be a platform where ideas can translate into projects and commitments into partnerships. India stands ready to collaborate and lead towards a maritime future that is prosperous, sustainable, and inclusive, Sonowal said and added that India's maritime growth is anchored on prosperity, sustainability, and pride in heritage, aligned with Prime Minister Narendra Modi's vision of Viksit Bharat 2047 Senior officials from MoPSW, the Indian Ports Association, and other key stakeholders were present at the press conference.

Sonowal noted that India Maritime Week 2025 would witness participation of over one lakh delegates and 500 exhibitors from more than 100 countries, apart from coastal states like Maharashtra.

Speaking at the event, Secretary in the Ministry of Ports, Shipping and Waterways, Vijay Kumar, said the government is expecting participation from more than 100 countries, including all the major maritime countries, along with an expected 230 speakers and over 150 sessions.

Kumar said that the initial pacts for investment worth Rs 10-lakh crore are expected to be inked during the 5-day event.

Later replying to media queries, Kumar said that this proposed investment is expected to cover the entire ecosystem of the shipping industry and be distributed across geographies, sectors and states.

"Around Rs 3-lakh crore investment is expected to come for ship building and ship clusters, around Rs 2-lakh crore in sustainability, around Rs 2-lakh crore in port modernisation and Rs 1-lakh crore in port-led industrialisation, among others," he said.

He also said that the success rate of these initial pacts, which have been signed in the previous editions, has been "very high" and added that as much as 60 per cent of the investment proposals received at the 2023 edition have already been "grounded".

He, however, added that the gestation period of the projects in the shipping industry is quite long.

"This will be a great opportunity for our shipping industry, for the entire ecosystem. And it will place India as a major player in the global shipping industry," he said.

India Maritime Week 2025, the flagship event of the Ministry of Ports, Shipping and Waterways, serves as a dynamic platform to showcase the latest advancements in maritime technology, port development, logistics, and sustainability.