Latest news with #SagarMala
Hans India
23-07-2025
- Business
- Hans India
India to be 3rd-largest economy by 2028, to reach $10.6 trillion by 2035: Morgan Stanley
A Morgan Stanley report on Wednesday said it expects India's economy to be the third-largest globally by 2028 and more than double in size to $10.6 trillion by 2035. Embedded in this forecast is the likelihood that three to five states (Maharashtra, Tamil Nadu, Gujarat, Uttar Pradesh and Karnataka) will have an economy of nearly $1 trillion each, ranking in the top 20 global economies between 2030 and 2035, the report projected. "Based on the latest data, the top three states are Maharashtra, Gujarat and Telangana. The states showing significant improvement in ranks over the past five years are Chhattisgarh, Uttar Pradesh and Madhya Pradesh,' the report noted. India will drive a fifth of global growth in the coming decade and become essential to earnings growth for many multinational companies. 'To secure this outcome, among other things, the role of India's 28 states and eight Union Territories is critical. States not only play a pivotal role in fiscal management but also compete for investments by creating suitable policies and incentives, easing business conditions (ultimately, a business or factory is set up in a particular state),' said economists from the global financial institution. They have independent political cycles with varying mandates that can affect growth positively or negatively and are empowered by law to control factors of production. 'The success of India's competitive federalism will help decide whether she becomes a factory to the world, doubling her per capita income in the coming seven years – and whether the stock market continues its strong performance,' the report emphasised. States are economically important as India becomes a $10.6 trillion economy by 2035, wielding considerable political and legislative power. Their policy frameworks are capable of influencing India's rise as a global manufacturing hub. In the past decade, there has been a concerted push for development of physical infrastructure – the Central government doubled its capex to 3.2 per cent of GDP in FY2025 from 1.6 per cent of GDP in FY2015. This has led to significant infrastructure growth across states. 'Highways rose 60 per cent, airports doubled, and metro network quadrupled. Infrastructure programmes spearheaded by the Central government -- such as PM Gati Shakti, the National Infrastructure Pipeline, Bharatmala, Sagar Mala, and UDAN -- have been promulgated alongside state-specific initiatives,' said the report. States collaborate with the Centre on these projects and play a crucial role in planning and implementation. Further, state governments are also responsible for investments in areas related to power, water, and urban development, it mentioned.
India Gazette
30-06-2025
- Business
- India Gazette
"India to work with ASEAN nations to develop cruise tourism hub of global south": Sarbananda Sonowal
Chennai (Tamil Nadu) [India], June 30(ANI): The Union Minister of Ports, Shipping & Waterways (MoPSW), Sarbananda Sonowal inaugurated first-ever ASEAN-India Cruise Dialogue on Monday at Chennai. The meet hosted by India is being attended by all the member nations of ASEAN; i.e. Brunei, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam, along with Timor Leste. The dialogue aims to strengthen maritime cooperation, enhance cruise connectivity, and promote sustainable tourism across the Indo-Pacific region. The meeting was held aboard the MV Empress (Cordelia Cruise ship) at Chennai Port, with more than 30 delegates from ASEAN countries. Along with the stakeholders and senior officials from the MoPSW, the event will continue in Mamallapuram, a UNESCO World Heritage Site, Ministry of Ports, Shipping and Waterways said. Union Minister Sarbananda Sonowal said India plans to professionalise 5,000 km of navigable waterways to enhance cruise connectivity with ASEAN nations. Speaking at the inaugural ASEAN-India Cruise Dialogue in Chennai, Sonowal noted that the Sagar Mala initiative aims for one million cruise passengers by 2029, with ship calls rising sharply from 102 in 2013-14 to over 14,000 today, driven by policy reforms, tax measures, and improved port infrastructure. Sarbananda Sonowal highlighted, 'Prime Minister Narendra Modi's vision to boost coastal connectivity and modernise customs and immigration can be achieved with greater cooperation. Two thematic sessions are guiding the discussions on 'ASEAN-India Cooperation Fund: Trade & Investment' and on 'ASEAN-India Cruise Tourist Circuits: Cruise Tourism.' Speaking further, Sonowal said, 'Under the visionary leadership of Prime Minister Narendra Modi, the Cruise Bharat Mission, Maritime India Vision 2030, and Maritime Amrit Kaal Vision 2047 aim to position India as a global leader in cruise tourism, offering exceptional and affordable cruising experiences. With more collaboration and cooperation, both at the private as well as regional level, this meeting can power the cruise tourism to realise its transformative potential to act as a powerful catalyst for economic growth, cultural exchange and employment generation across the region.' India and ASEAN nations can together become the hub of cruise tourism of the Global South.' The participants, who include policy leaders as well as industry leaders from the region, are also deliberating on connectivity gaps, regulatory best practices, and pathways to promote inclusive and sustainable cruise growth in the region. The Government of India envisions the ASEAN-India Cruise Dialogue as a recurring multilateral forum that will serve as a strategic enabler for regional maritime growth and people-to-people connectivity. This edition marks a significant step in positioning India and ASEAN at the centre of cruise tourism in the Indo-Pacific. During the two-day meeting, the dialogue will also visit Mamallapuram, with sessions on heritage-led cruise tourism and deeper ASEAN-India collaboration. Delegates will also tour the shore temples and rock-cut monuments, highlighting India's cultural and coastal tourism appeal. The ASEAN-India Cruise Dialogue 2025 supports national goals under the 'Maritime Amrit Kaal Vision 2047' and National Cruise Tourism Strategy, underscoring India's commitment to stronger maritime partnerships and modern cruise infrastructure. (ANI)
Time of India
30-06-2025
- Business
- Time of India
India eyes boosting cruise tourism with ASEAN nations: Sarbananda Sonowal
India is promoting cruise tourism with ASEAN member nations, Union Ports Shipping and Waterways Minister, Sarbananda Sonowal said Monday. Speaking at the first ASEAN-India Cruise Dialogue, the minister said India is committed to work closely with ASEAN member nations to co-operate and co-promote new cruise circuits. 'Together, we can establish an integrated cruise network linking India with ASEAN countries, through modern ports, efficient tracking systems and robust support mechanisms,' he added. The meet hosted by India is being attended by all the member nations of ASEAN. These are Brunei, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam along with Timor Leste. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Elegant New Scooters For Seniors In 2024: The Prices May Surprise You Mobility Scooter | Search Ads Learn More Undo Sonowal said India plans to professionalise 5,000 km of navigable waterways to enhance cruise connectivity with ASEAN nations. He noted the Sagar Mala initiative aims for one million cruise passengers by 2029, with ship calls rising sharply from 102 in 2013–14 to over 14,000 today.
Korea Herald
28-03-2025
- Business
- Korea Herald
Forum urges stronger India-Korea engagement in Indo-Pacific
The Korea-India Economic Partnership Forum on Thursday highlighted collaboration between India and Korea in the Indo-Pacific region as a win-win in strategic goals and regional stability. Panelists cited the Indo-Pacific region as a place of both competition and cooperation, proposing collaboration in defense, the digital realm, green industries and maritime projects like Sagar Mala. The discussions highlighted India's strategic autonomy in balancing ties with the US and Russia and the role of multilateral forums like the Quad — Australia, India, Japan and the US — and BRICS, which currently includes Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates. "The liberal international order is eroding, with increasing dissatisfaction from both revisionist states and traditional powers like the US," said Cho Won-deuk, a professor of Indo-Pacific security at the Korea National Diplomatic Academy, underlining the challenges and opportunities shaping the next decade in the region. He underscored India's growing role as a strategic and economic player, advocating for deeper Korea-India collaboration in advanced technologies, defense, digital innovation and green industries. Both nations are strengthening cooperation in AI, clean energy and semiconductors, with South Korea recognizing the Indo-Pacific region's importance in global gross domestic product and India viewing Korea as a key partner in its "Act East" strategy. "The Indo-Pacific is both a region of rivalry and cooperation," said Kim Kyung-hoon, head of India and South Asia at KIEP, highlighting the complexities of multilateral engagements in the region. "It's a hub for many forums, from the Quad to BRICS, and both India and Korea are central to shaping its future." South Korea aims to strengthen its strategic partnership with India through an upgraded Comprehensive Economic Partnership Agreement and high-level exchanges, while also boosting ties with South Asian countries like Pakistan, Bangladesh and Sri Lanka through trade and development. It is also engaged in regional initiatives like Indian Ocean Rim Association and South Asian Association for Regional Cooperation. But the region faces numerous challenges, including piracy, illegal fishing and climate change, according to experts. R.S. Vasan, former commander of the Indian Coast Guard's eastern region, said that South Korea's expertise in shipbuilding and port development presents a strong opportunity for deeper collaboration with India. Ji Yeon-jung from the Korea Naval Academy highlighted India's strategic autonomy and diplomatic role in balancing its relations with both Russia and the US, responding to a question on shifting dynamics in Russia-India relations. "India's balanced engagement in global conflicts, including its mediation efforts in Ukraine and Israel-Gaza, strengthens its role as a global player," Ji noted. "Our partnership is vital for mutual growth and prosperity," said Indian Ambassador to Korea Amit Kumar, citing India-South Korea strategic cooperation as substantial for regional and global issues in the Indo-Pacific. "We need to continue holding consultations with greater regularity," Kumar said, advocating negotiations in India and Korea's free trade deal signed in 2009, to elevate bilateral trade and services. "Korea and India are recalibrating their policies to navigate the growing uncertainty around the world," said Lee Si-wook, president of KIEP, echoing Kumar. "The complementary strengths of our nations, when strategically combined, can significantly contribute to regional stability and prosperity," said Lee. Lee emphasized India's key role in tech, calling it Korean firms' "second home," with Hyundai's largest plant and Samsung's top R&D hub. Responding to The Korea Herald's query on why Japanese investments in Asia surpass Korean investments, Invest India Vice President Naveenta Gautam cited Japan's commitment to investing 5 trillion yen ($33.2 billion) in India over five years. "I think that is primarily the reason why there is more investment from Japan," she said, noting that Korean companies take time to build trust before making substantial investments. Kim Kyung-hoon of KIEP also acknowledged Korea's late start compared to Japan, but expressed optimism about future investments in India. "But I think we will definitely catch up soon," he said. Song Kyung-jin from the Asia Society also hoped for more engagement in Indo-Korean ties in the Indo-Pacific region to address ongoing competition and economic fragmentation.
