The Indian government, under Prime Minister Narendra Modi, is making significant strides to enhance the country’s maritime economy by boosting port capacity and advancing shipbuilding and repair capabilities. During this year’s India Maritime Week, over 600 Memorandums of Understanding (MOUs) worth more than Rs 12 lakh crore were signed across various sectors. Union Minister for Ports, Shipping and Waterways, Sarbananda Sonowal, highlighted that these agreements encompass diverse areas, including port development, indigenous shipbuilding, and container manufacturing, with a focus on technology and sustainability.
In comparison, the previous maritime summit resulted in MOUs valued at approximately Rs 8.5 lakh crore, with around Rs 5.5 lakh crore of those agreements now in action. Vijay Kumar, secretary of the Ports, Shipping, and Waterways Ministry, noted that while maritime projects typically have long timelines, 60% of prior MOUs have begun to see financial commitments. This year’s MOUs include allocations for port development, sustainable shipping, and industrialization, with a notable Rs 40,000 crore dedicated to the Inland Waterways Authority.
The government’s ambitious plans, encapsulated in the India Maritime Vision 2030 and the India Amrit Kaal Vision 2047, aim to enhance capabilities across various sectors, from cargo handling to ship recycling. The development of the mega deep-sea port at Vadhavan in Maharashtra is expected to generate around 1.2 million jobs, contributing significantly to employment in a country with a large youth population. Additionally, the share of Indian seafarers is on the rise, aiming for 20% by 2030, reflecting the growing importance of the maritime sector in India’s economic landscape.
