India expects ₹10 tn pacts at maritime meet: Sonowal
NEW DELHI : India expects to sign investment pacts worth ₹10 trillion during the Global Maritime India Summit in New Delhi slated for 17-19 October, Union minister for ports, shipping and waterways Sarbananda Sonowal said. In an interview, Sonowal said India is in talks with Russia to operationalize the recently proposed route of Chennai to Vladivostok, potentially reducing the maritime journey between the two countries to a mere 12 days. The development will facilitate trade between the two countries by providing a faster and cheaper way to transport oil.
Edited excerpts: The Global Maritime India Summit 2023 is a pivotal event on the maritime calendar, and it holds immense significance for India and the world. For India, it is an opportunity to showcase our remarkable progress and potential in the maritime domain. The summit not only fosters collaboration and knowledge-sharing but also attracts investments and partnerships.
It’s a chance for us to attract global players to invest in our ports, shipbuilding, maritime logistics and other related sectors. We aim to position India as a preferred destination for maritime trade, innovation, and investment. India presents a vast canvas of opportunities for global investment in its maritime sector.
To strengthen and modernize this crucial domain, India seeks investments across various key areas. Firstly, port infrastructure development stands out as a prime avenue. India’s major ports require significant expansion and modernization to handle larger vessels and increasing cargo volumes.
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