AsiaPorts and Logistics

India to spend $82bn on port development

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.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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