India will make investments totaling $82bn in various port projects by 2035 in order to boost the country’s maritime sector.
Speaking at the Maritime India Summit, India’s prime minister Narendra Modi revealed that the projects will promote clean renewable energy in the maritime sector, develop waterways, and boost tourism as part of his government’s port-led development.
According to Modi, over 574 projects costing $82bn have been identified for implementation between 2015 and 2035 under the project.
“We are in the process of installing solar and wind based power systems in all the major ports across the country. We aim to increase usage of renewable energy to more than 60% of all energy by 2030 in three phases across Indian ports,” Modi said, adding that the country is also looking to further develop the domestic shipbuilding and ship repair market.
“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,” Modi said.
Also at the summit Mansukh Mandaviya, India’s ports, shipping and waterways minister, outlined plans to boost the nation’s ship recycling capacity. India has mapped out a way to boost its global share of ship recycling from its current 30% to 50%.
“India aspires at least 50% of global ship recycling business,” Mandaviya said.