MUMBAI: Prime Minister Narendra Modi emphasized the timely opportunity for investors to engage in India’s maritime sector, while Chief Economic Advisor V Anantha Nageswaran projected that the country’s GDP growth for FY 2025-26 would exceed the anticipated 6.3%, estimating it around 7%. Both officials spoke during the India Maritime Week, taking place from October 27 to 31 in Mumbai, which also featured the signing of several key memorandums of understanding (MoUs).
Nageswaran noted that three global rating agencies had upgraded India’s ratings, suggesting the potential for the country to achieve an ‘A’ rating soon. He attributed the positive economic outlook to government and Reserve Bank of India initiatives, stating that the economy has remained resilient despite global uncertainties and tariff issues. He highlighted that previous forecasts had estimated GDP growth at 6.3% but were revised downward due to external factors.
During the Global CEO Roundtable, Modi met with leading shipping executives, urging them to invest in India. Notable attendees included the chairmen of A.P. Moller-Maersk and DP World, among others. In related developments, Drydocks World signed a MoU with Cochin Shipyard and the Centre of Excellence in Maritime and Shipbuilding to enhance India’s maritime workforce capabilities.
Additionally, DP World entered an agreement with the Deendayal Port Authority and European firm Nevomo to implement a magnetic propulsion system for rail transport of cargo at the port. This initiative aims to advance automated, low-emission operations in Indian ports.
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