Port economy to drive India's growth to new heights: PM
Coastal States and port cities will become key growth centres for a developed India, Prime Minister Narendra Modi said on Friday, speaking after commissioning the ₹8,800 crore Vizhinjam International Deepwater Multipurpose Seaport in Kerala's capital. The Centre is committed to strengthening this channel of economic power to take the country's maritime sector to new heights, he said.
The port economy reaches its full potential when infrastructure and the ease of doing business are promoted together, Mr. Modi said, noting that this has been the blueprint of the Centre's port and waterways policy over the last decade. Underscoring the critical role of the private sector, the Prime Minister said that thousands of crores have been invested through public-private partnerships (PPP) over the past 10 years, helping to upgrade India's ports to global standards and making them future-ready.
With a natural deep draft of nearly 20 metres and located near one of the world's busiest sea trade routes, the new Vizhinjam port is expected to strengthen India's position in global trade, enhancing logistics efficiency, and reducing reliance on foreign ports for cargo transshipment.
Unlikely partnerships
The Vizhinjam facility is the country's first dedicated container transshipment port, and was developed by Adani Ports and Special Economic Zone Ltd (APSEZ), through a public-private partnership with the Kerala government.
Noting that private sector participation has driven innovation and enhanced efficiency, he said that even a State government headed by a Communist regime in Kerala could find a private sector giant to be a trusted partner in a flagship infrastructure development project. Mr. Modi also wondered whether two prominent INDIA bloc leaders sharing the dais with him – Kerala Chief Minister Pinarayi Vijayan and Congress MP Shashi Tharoor — would cause discomfort in some quarters.
Reduced reliance on foreign ports
Terming the Vizhinjam port as a symbol of new age development, the Prime Minister said that the capacity of this transshipment hub would triple in the coming years, enabling the smooth arrival of some of the world's largest cargo ships. He also pointed out that 75% of India's transshipment operations were previously conducted at foreign ports, leading to significant revenue loss for the country. Stating that this situation is now set to change, he asserted that Indian money would now serve India, and the funds that once flowed outside the country would generate new economic opportunities within the country.
The Union Budget for the current financial year introduced a new policy to promote the construction of large ships in India, which will significantly boost the manufacturing sector. Noting the growth of the shipping and port infrastructre in the last 10 years, Mr. Modi said that two Indian ports are now ranked among the world's top 30, while India has improved its position on the Logistics Performance Index and stands among the top 20 countries in global shipbuilding.
India is also setting up a shipbuilding and repair cluster in Kochi, the Prime Minister said. Once completed, this cluster will create numerous new employment opportunities, providing Kerala's local talent and youth with a platform for growth, he said.
Mr. Modi invoked Adi Shankaracharya and Saint Thomas Church in his inaugural speech. If Shankaracharya was instrumental in awakening the consciousness of the nation whose efforts laid the foundation for a unified and spiritually enlightened Bharat, the Saint Thomas Church showed that Kerala has always been a land of harmony and tolerance, he said. The Prime Minister also paid tribute to the late Pope Francis on the occasion, acknowledging his spirit of service and his efforts to ensure inclusivity within Christian traditions.
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