India's government has announced a long term $82 billion
plan to invest in the nation's seaports. Speaking at the Maritime India Summit
on Monday, Prime Minister Narendra Modi called for massive public and private
commitments to improve infrastructure for maritime trade.
"As many as 574 projects at a cost of $82 billion . . .
have been identified under the Sagarmala project for implementation [through]
2035," said Modi.
Pointing to the possibilities for foreign investors, he said
that India's ports ministry has identified an additional $30 billion worth of
investment opportunities for about 400 different projects. "We will
encourage private investment in the port sector . . . 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," he said.
The investment plans include developing renewable power to
supply more than half of the energy needs of India's ports by 2030, Modi said.
Modi also highlighted his government's investments in inland
waterway transportation, and said that it plans to continue to boost inland
navigation. “Ours is a government that is investing in waterways in a way that
was never seen before," he said. "We aim to operate 23 waterways by
2030."
The Indian government's maritime ambitions also extend to
vessel scrapping, a key source of recycled steel for Indian industry. India's
Minister of Ports, Shipping and Waterways Mansukh Mandaviya highlighted plans
to expand the nation's share of the ship demolition market to 50 pecent of the
global total, up from about 30 percent today.