Mumbai: Prime Minister Narendra Modi waves during the inaugural ceremony of Maritime India Summit 2016 in Mumbai on Thursday. PTI Photo Mumbai: Prime Minister Narendra Modi waves during the inaugural ceremony of Maritime India Summit 2016 in Mumbai on Thursday. PTI Photo

Following its agenda of emphasising on port-led development, the Centre plans to mobilise an investment of Rs 1 lakh crore in the port sector to more than double port capacity to 3,000 million tonnes by 2025.

Speaking at the inauguration of the first Maritime India Summit in Mumbai on Thursday, Prime Minister Narendra Modi said over the last two years major ports have awarded 56 new projects with an investment of more than Rs 250 billion. This itself, he said, will help create an additional capacity of 317 million tonnes per annum

Read | Maritime Summit starts today, govt expects to clinch deals worth Rs 82,000 crore

“Five new ports are planned to meet the increasing demand of the Exim trade, which will rise in proportion with the fast-growing Indian economy. New ports are also being developed by several coastal states of India,” Modi said. He added that coal transportation is likely to rise fourfold by 2025 with the multiple measures to promote coastal shipping coupled with the anticipated rise in the domestic production of coal.

The Prime Minister said the shipping ministry is showcasing about 250 projects with investment opportunity in the maritime sector, including infrastructure development opportunities in 12 major ports, projects in eight maritime states, and other agencies. More than a hundred of these projects have also been identified under the government’s ambitious Sagarmala Project, which seeks to develop a string of ports along India 7,500-kilometres coastline.

Read | Maritime India Summit: Gujarat set to ink deals worth Rs 35,000 crore

The Union government also a released a national perspective plan for the Sagarmala Project at the summit, setting sight on boosting India’s merchandise exports $110 billion by 2025, and creating 40 lakh direct jobs and indirect employment for 60 lakh people.

The Sagarmala programme will involve more than 150 projects related to modernisation of existing ports, setting up 5-6 new ports, port connectivity through heavy haul rail corridor, inland waterways, freight-friendly expressways, coastal Special Economic Zones and industrial clusters, and so on.

While speaking at the maritime summit’s inauguration, Modi also sought to link the BJP’s aggressive development agenda and push for industrial investments with BR Ambedkar’s teachings. “Dr Ambedkar had emphasised the importance of a new waterways policy in order to lay the foundation for a regime of prosperity for the millions of poor of our country. I am happy to state that we have embarked on the development of the national waterways in keeping with Babasaheb’s vision and foresight,” he said.

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