Prime Minister Narendra Modi has inaugurated the India’s first ever Maritime Summit and said that the country’s vast coast line of 7500 km offers vast investment opportunities.
Maritime India Summit 2016: India’s maiden flagship initiative of the Shipping Ministry, the Maritime India Summit 2016, is all set to attract massive investment in the sector. Modi government has laid special emphasis on the need build shipping and port infrastructure.
According to Shipping Minister Nitin Gadkari, the Summit provides a unique platform for participants to explore potential business opportunities in Indian maritime sector.
MIS 2016 is being organised from April 14-16, 2016 at Mumbai and will be inaugurated by Prime Minister Narendra Modi.
India is also set to double its ports capacity to 3000 million tonnes (MT) by 2025, Gadkari has said. The capacity of ports stood at 1,500 MT in 2015.
“We will double the capacity of our ports to 3000 MTPA by 2025,” Gadkari said recently. According to Gadkari, the MIS is in pursuance of the government’s policy of giving prime importance to developing the countries infrastructure.
We take a look at some interesting facts about the Maritime India Summit:
1) PM Modi will release a national perspective plan on the Sagarmala Project with details of investments
2) At the three-day summit, agreements entailing investments of over Rs 82,000 crore will be signed. This includes 35 concession agreements of Rs 5,900 crore, 20 work orders of Rs 8,250 crore and 86 MoUs involving an investment of over Rs 68,700 crore.
3) More than a dozen union ministers are expected to address the summit, for which 3,000 delegates, including 300 from 41 countries, have registered.
4) To be held at NSE Grounds in suburban Goregaon, the summit will have 13 technical sessions, 200 exhibitors and 52 participants from South Korea, which is the partner country for the event.
5) It will also have a museum resembling a ship displaying the maritime history of the country, made by art director Nitin Desai.
6) India and South Korea also signed a memorandum of understanding for cooperation and mutual assistance in the port sector.