For shipowners clinging on to whatever glimmer of hope is out there in the global economy, India is held by some as the replacement for China in terms of import/export growth in the coming decade, and by extension infrastructure development at home. To this end, expect plenty of maritime executives to flock to Mumbai in a month’s time when the Ministry of Shipping will host the inaugural Maritime India Summit (MIS) to be held in Mumbai from April 14 to 16.
Seeking millions of dollars in foreign investment, the ministry will showcase more than 200 maritime-related projects with prime minister Narendra Modi on hand to open the event. Ports and shipyards will form the majority of investment opportunities.
A report just out by consultants McKinsey & Co on the future of Indian trade, commissioned by the Ministry of Shipping, predicts 750m tons of cargo will pass through India’s ports by 2025, more than three times today’s figure. On the container front, the report estimates box volumes at the world’s second most populous nation could more than double to 25m teu by 2025.
To accommodate this exponential growth, McKinsey called for urgent port, shipyard and bunkering developments across the country.