India looks to revolutionise maritime sector by 2047 with Rs 80 Lakh crore investment: Sonowal

India is set to transform its maritime sector by 2047 with a massive Rs 80 lakh crore investment aimed at boosting port capacity, shipping, shipbuilding, and inland waterways, Union Minister for Ports, Shipping, and Waterways, Sarbananda Sonowal, announced on Monday. Speaking at the 'Sagarmanthan - The Great Oceans Dialogue,' Sonowal highlighted several key projects, including the Vizhinjam International Seaport in Kerala, new mega ports at Vadhavan in Maharashtra, and the Galathea Bay port in Nicobar.

Sonowal outlined the ambitious goal of increasing India’s port handling capacity to 10,000 million metric tons per year by 2047. This will be supported by strategic trade initiatives like the India-Middle East-Europe Economic Corridor (IMEEC) and the International North-South Transport Corridor.

In addition to expanding port infrastructure, the government is focused on reviving India’s shipbuilding heritage. Plans include constructing the National Maritime Heritage Complex at Lothal and advancing the development of ships powered by clean fuels, such as ammonia, hydrogen, and electricity, to meet future sustainability targets.

Sanjeev Sanyal, a member of the Economic Advisory Council to the Prime Minister, also spoke at the event, emphasizing India’s potential to lead in the global maritime sector. He noted that with India’s technological expertise, young workforce, trade volume, steel production, and extensive coastline, the country could aim to build 10-12% of the world’s ships and own or flag 8% of the global fleet within the next decade.

On the sidelines of the event, Sonowal held a bilateral meeting with Christos Stylianides, Greece’s Minister for Maritime Affairs and Insular Policy. The two leaders discussed strengthening maritime ties between India and Greece, including efforts to expand trade. Both agreed to work towards doubling trade from the current $1.94 billion by 2030, with a focus on broadening and balancing economic exchanges, particularly in the European Union market.