Global Maritime India Summit (GMIS) 2023: PM Modi provided a roadmap for the Indian marine economy

The third Global Maritime India Summit (GMIS) 2023 was officially opened by Prime Minister Narendra Modi on Tuesday via video conference, and present the long-term plan for the Indian maritime economy, "Amrit Kaal Vision 2047." Read more: PM Modi addressed the 9th G20 Parliamentary Speakers’ Summit: Know all the details The strategy, according to his office, comprises strategic measures targeted at boosting sustainable practises, improving port infrastructure, and streamlining international cooperation.'

Investment worth of Rs.23000 Crores

According to the announcement, the prime minister will formally announce, dedicate to the country, and lay the foundation stone for projects worth more than Rs 23,000 crore that are in line with this vision for the Indian maritime blue economy. At the Deendayal Port Authority in Gujarat, Modi will lay the foundation for the construction of the Tuna Tekra all-weather deep draught port, which is expected to cost more than Rs 4,500 crore.  This cutting-edge Greenfield terminal will be built using the PPP model. The statement claims that it will act as a gateway for Indian trade via the proposed India-Middle East-Europe Economic Corridor (IMEEC) and that it is likely to develop into a significant international commercial hub capable of accommodating boats up to 18,000 twenty-foot equivalent units (TEUs) in size.

More than 300 MoU's will be signed

During the event, more than 300 Memorandums of Understanding (MoUs) for international and domestic partnerships in the maritime sector, totaling more than Rs 7 lakh crore, will also be revealed. According to the announcement, the summit will be the largest maritime event ever held in the nation. Ministers from all over the world, including those from Central Asia, the Middle East, and the BIMSTEC region, will attend. Global CEOs, corporate executives, investors, government representatives, and other stakeholders from around the world will also be present at the summit. It is stated that several Indian states will be represented.

The summit will cover different issues related to the maritime industry

The three-day summit will cover important issues pertaining to the maritime industry, in addition to other subjects, such as ports of the future, coastal shipping ,decarbonization, inland water, shipbuilding transportation, repair, and recycling, insurance ,finance, and arbitration, maritime clusters, innovation and technology, maritime tourism and maritime safety and security. The meeting will serve as a fantastic platform for attracting investment to the nation's maritime industry, it was said. The summit's first iteration took place in Mumbai in 2016, and the second was hosted there in a largely similar fashion in 2021. OTT India updates you with the latest news, The Country’s no.1 digital news platform OTT India. Keeps you updated with national, and international news from all around the world. For more such updates, download the OTT India app on your Android and IOS device