Latest news with #MaritimeVision2047
Fibre2Fashion
2 days ago
- Business
- Fibre2Fashion
India commits $20 bn to boost logistics, port connectivity: Sonowal
India has committed $20 billion for infrastructure development focused on enhancing multimodal logistics, port connectivity, and trade facilitation, said Union Minister of Ports, Shipping and Waterways (MoPSW) Sarbananda Sonowal at the India pavilion at Nor-Shipping, a premium global maritime event in Oslo. At the session, Sonowal highlighted India's growing maritime capabilities including favourable policy induced investment environment, proven shipbuilding strength, circular economy efforts, and innovative financing plans to accelerate sectoral growth. 'Under the able and visionary leadership of Prime Minister Narendra Modi, India is moving decisively toward the goals of Viksit Bharat and Atmanirbhar Bharat. These goals envisage India as a modern, self-reliant, inclusive, and globally engaged economy. In this journey, the maritime sector is central—not just as a driver of growth, but as an enabler of resilience, sustainability, and strategic connectivity. India has launched wide-ranging efforts to expand port infrastructure, integrate logistics systems, and improve ease of doing business for the private sector. These reforms are already bearing fruit in the form of increased port efficiency, stronger cargo flows, and rising investor confidence,' Sonowal explained. Indian Minister Sarbananda Sonowal has announced that India has committed $20 billion to enhance multimodal logistics, port connectivity, and trade facilitation. This initiative supports the nation's Maritime Vision 2047, aiming to position India as a global maritime leader. Key projects include the development of Green Hydrogen Hub Ports and the launch of the Maritime Development Fund. He also highlighted strengthening of maritime connectivity and supply chains with strategic corridors like India - Middle East - Europe Economic Corridor (IMEEC), the Eastern Maritime Corridor (EMC), and the International North - South Transport Corridor (INSTC). 'To support these efforts, India is working to become a credible and competitive alternative. Through policy incentives, ease of doing business, and infrastructure enhancement, we are laying the foundation for India to emerge as one of the top five shipbuilding nations by 2047,' Sonowal added. Emphasising the need for a green and sustainable maritime future, Sonowal added, 'India is establishing three Green Hydrogen Hub Ports— Kandla, Tuticorin, and Paradip— to support the manufacturing of green hydrogen and its derivatives and to pioneer the use of alternative fuels in the maritime domain. We are also proud to lead under the IMO's Green Voyage 2050 initiative, assisting developing countries in their energy transitions.' 'India's maritime digital ecosystem is undergoing a transformation. Initiatives such as ONOP (One Nation - One Port Process), National Logistics Portal (Marine) and MAITRI – Virtual Trade Corridor are creating a unified national platform for port services and EXIM trade. These efforts are improving operational transparency, reducing transaction time and building real-time data systems. We are also engaging with global partners to establish virtual trade corridors that will digitally connect ports, enabling seamless cargo movement and reducing bottlenecks,' he explained. In another session, 'Ship Recycling – Enabler to Circular Economy and Sustainable Maritime', India presented its mature, Hong Kong Convention (HKC) compliant ship recycling framework. The country's environmentally regulated and high-capacity ship recycling ecosystem was showcased as a key contributor to global circular economy efforts. The event also featured a strategic presentation on India's port-led decarbonisation strategy. This included the development of green hydrogen and ammonia production hubs at Indian ports to support green fuel bunkering, shipping corridors, and overall maritime decarbonisation goals. On India's proven Maritime manpower, Sonowal continued, 'India is currently the second largest seafarer manpower provider to Norwegian owned ships. Through this platform, I would like to encourage larger partnerships for seafarer recruitment between Norwegian and Indian agencies. India stands ready—as a reliable, responsible, and forward-looking maritime partner. We are committed to shaping a maritime future that is green, secure, efficient, and inclusive.' On the investment front, discussions focused on 'Innovative Financing for Maritime Growth', with insights into the proposed Maritime Development Fund. The blended finance model aims to use concessional capital from the government to unlock private investment. India also highlighted institutional mechanisms for risk sharing and partnership models to mobilise investments into its growing maritime sector. Fibre2Fashion News Desk (RR)
Time of India
7 days ago
- Business
- Time of India
Inviting global domain experts to achieve India's Maritime Vision 2047 goals: Sarbananda Sonowal
India is partnering with global experts to realize its Maritime Vision 2047. Union Minister Sarbananda Sonowal is leading discussions at Nor Shipping 2025 in Norway. A key agreement involves building India's first Polar Research Vessel with Norwegian collaboration. India aims to significantly increase its port capacity and inland waterway cargo volume. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads India is bringing domain expertise from leading nations to ensure maritime vision 2047 goals are met according to Union Ports, Shipping, and Waterways Minister Sarbananda Sonowal . The Minister is currently leading the Indian delegation at Nor Shipping 2025 in Norway. An official statement said India will be building its first-ever Polar Research Vessel (PRV) after Garden Reach Shipbuilders & Engineers (GRSE) signed an agreement with Norway's Kongsberg.'Discussions have been held with countries that have expertise in maritime infrastructure development. Partnerships will be forged in line with 2047 goals,' Sonowal told ET over the phone from Oslo.'Global best practices will be incorporated in domestic maritime operations,' he aims to ramp up cargo handling capacity of its ports fourfold to 10,000 million tonnes per annum (mtpa) by 2047. Among other goals, the Maritime India Vision 2047 aims for a 400% increase of inland waterway cargo volume to reach 500 MTPA by the cutoff year. Efforts are also expected towards scaling up the domestic shipbuilding industry where India currently has less than 1% of global part of the agreement between GRSE and Kongsberg, the domestic shipbuilding sector is expected to receive design expertise for developing the PRV.'This will meet the requirement of India's National Centre for Polar and Ocean Research (NCOPR) that will use it for research activities in the polar and Southern Ocean realms,' the statement said while adding this research vessel will be built in GRSE's Kolkata the conference, Sonowal invited Norwegian shipowners to invest in India. He noted that Indian shipyards currently hold 11% of the Norwegian Shipowners' Association (NSA)'s order book.'We invite greater collaboration with Norway to build a green, smart, and resilient maritime ecosystem,' he said while adding this partnership is reflected in Indian shipyards delivering vessels to Norwegian firms. The Minister also sought Norway's cooperation in green shipping corridors , ship recycling, and International Maritime Organisation (IMO)-aligned net-zero goals.
