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The Hindu
03-05-2025
- Business
- The Hindu
Port economy will drive India's growth, says 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, Thiruvananthapuram. The Centre is committed to strengthening this channel of economic power to take the 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, he said that thousands of crores have been invested through public-private partnerships (PPP) over the past 10 years, to upgrade India's ports to global standards and make 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. The Vizhinjam facility is the country's first dedicated container transshipment port, and was developed by Adani Ports and Special Economic Zone Ltd, 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. 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 infrastructure 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 Shankara and Saint Thomas Church in his inaugural speech. If Adi Shankara 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 Hindu's Editorials The Hindu's Daily Quiz What is the new enumeration added by the Union Cabinet in the census in India? Tax details Income Caste Marital status To know the answer and to play the full quiz, click here .
Times of Oman
02-05-2025
- Business
- Times of Oman
Inauguration of Vizhinjam Port in Kerala significant for India's maritime sector: PM Modi
Thiruvananthapuram: Indian Prime Minister Narendra Modi on Friday inaugurated the Vizhinjam seaport in Thiruvananthapuram and stating that it will boost trade, commerce and will be particularly beneficial for Kerala's economy. "Before slavery, India had seen prosperity for thousands of years. At one time, India had major cities in the global GDP. At that time, what distinguished us from other countries was our maritime capacity the economic activities of our port cities and Kerala had a big contribution in this", PM Modi said. PM Modi who reached Thiruvananthapuram on Thursday night, took a helicopter to reach the port area this morning and took stock of the facilities before the inauguration of the 'Vizhinjam International Deepwater Multipurpose Seaport', which was completed at an estimated cost of Rs 8,900 crore. In his public address, PM Modi said, "During the G20 summit, we had made agreements with several big nations on the India-Middle East-Europe Corridor. In this route, Kerala is in a very important position. Kerala is going to benefit in a big way from sector plays a key role in bringing maritime sector of our country to a new high..." This ambitious project of the Kerala government has been developed under the public-private partnership by Adani Ports and Special Economic Zone Ltd (APSEZ). The inauguration in Thiruvanathanpuram of the project, built by Adani Ports and Special Economic Zone Ltd (APSEZ), which is India's first deep-water dedicated container transhipment port, was conducted in the presence of Kerala Chief Minister Pinarayi Vijayan, Governor of Kerala, Rajendra Vishwanath Arlekar, Union Ministers, Suresh Prabhu, George Kurien among others. Adani Group Chairperson Gautam Adani felicitated Prime Minister Narendra Modi. PM Modi emphasised that the Vizhinjam International Deepwater Multipurpose Seaport is an example of "new-age development," as it is situated at one end of the deep sea, while on the other hand, it offers numerous opportunities, which is the beauty of nature. "On one hand, there is this big sea with so many opportunities and on the other hand, there is beauty of nature, in between there is this 'Vizhinjam International Deepwater Multipurpose Seaport', which is a symbol of new-age development", PM Modi said in his address to the public. The Prime Minister said the capacity of this transshipment hub will triple in the coming years, enabling the smooth arrival of some of the world's largest cargo ships. He said that that 75 per cent of India's transshipment operations were previously conducted at foreign ports, leading to significant revenue loss for the country. Emphasizing that this situation is now set to change, PM Modi asserted that India's money will now serve India and the funds that once flowed outside the country will now generate new economic opportunities for Kerala and Vizhinjam's people. Noting that Kerala played a significant role in this maritime strength and economic growth, PM Modi highlighted Kerala's historical role in maritime trade, emphasizing that through the Arabian Sea, India maintained trade links with multiple nations. He noted that ships from Kerala carried goods to various countries, making it a vital hub for global commerce. "Today, the Government of India is committed to further strengthening this channel of economic power", he added and asserted, "India's coastal states and port cities will become key centers for the growth of a developed India". "The port economy reaches its full potential when infrastructure and ease of doing business are promoted together", emphasised the Prime Minister, stating that over the past 10 years, this has been the blueprint of the Government of India's port and waterways policy. He highlighted that the government has accelerated efforts for industrial activities and holistic development of states. He further remarked that the Government of India, in collaboration with state governments, has upgraded port infrastructure under the Sagarmala Project and strengthened port connectivity. He noted that under PM Gati Shakti, waterways, railways, highways, and airways are being rapidly integrated for seamless connectivity. The Prime Minister stated that the Government of India has also reformed regulations concerning Indian seafarers, yielding significant results. He pointed out that in 2014, the number of Indian seafarers was below 1.25 lakh. Today, this figure has surged beyond 3.25 lakh. He emphasized that India now ranks among the top three countries globally in terms of seafarer numbers. Highlighting that a decade ago, ships faced long waiting times at ports, significantly delaying unloading operations, PM Modi noted that this slowdown affected businesses, industries, and the overall economy. He stressed that the situation has now transformed and over the past 10 years, India's major ports have reduced ship turn-around time by 30 per cent, improving operational efficiency. He remarked that due to enhanced port efficiency, India is now handling greater cargo volumes in shorter durations, strengthening the nation's logistics and trade capabilities. "India's maritime success is a result of a decade-long vision and effort", PM Modi said underlining that over the past 10 years, India has doubled the capacity of its ports and expanded its National Waterways eightfold. He noted that today, two Indian ports are among the global top 30 ports, while India's ranking on the Logistics Performance Index has also improved. Additionally, he pointed out that India is now among the top 20 countries in global shipbuilding. Prime Minister highlighted that India is advancing towards the establishment of a shipbuilding and repair cluster in Kochi, which once completed will create numerous new employment opportunities, providing Kerala's local talent and youth with a platform for growth. The Prime Minister further stated that India is now setting ambitious targets to strengthen its shipbuilding capabilities. He noted that this year's Union Budget introduced a new policy to promote the construction of large ships in India, which will significantly boost the manufacturing sector. He emphasized that this initiative will have direct benefits for MSMEs, generating a large number of employment and entrepreneurship opportunities across the country. "True development is achieved when infrastructure is built, trade expands, and basic needs of the common people are met", said the Prime Minister, remarking that the people of Kerala have witnessed rapid progress over the past 10 years, not just in port infrastructure, but also in highways, railways, and airports. He highlighted that projects like the Kollam Bypass and Alappuzha Bypass, which had been stalled for years, were advanced by the Government of India. He also noted that Kerala has been provided with modern Vande Bharat trains, further strengthening its transport network and connectivity. PM Modi envisioned Kerala as a major centre for global maritime trade, leading to the creation of thousands of new jobs. He reaffirmed the commitment of the Government of India, working alongside the state government, to advance this goal. PM Modi expressed confidence in the capabilities of Kerala's people and said , "India's maritime sector will reach new heights". The country's first dedicated container transshipment port built at an estimated Rs 8,800 crore has been identified as a key priority project which will contribute in strengthening India's position in global trade, enhance logistics efficiency, and reduce reliance on foreign ports for cargo transshipment. Its natural deep draft of nearly 20 meters and location near one of the world's busiest sea trade routes further strengthens India's position in global trade.
Russia Today
02-05-2025
- Business
- Russia Today
Modi launches India's first transshipment port
Indian Prime Minister Narendra Modi has commissioned the Vizhinjam International Seaport in the southern state of Kerala. It is India's first deepwater transshipment port and was built at a cost of $1.07 billion. It is expected to bring major benefits to the nation's economy, according to industry watchers. 'On the one hand, there is this big sea with so many opportunities and on the other hand, there is the beauty of nature, in between there is this 'Vizhinjam International Deepwater Multipurpose Seaport', which is a symbol of new-age development,' Modi said at the inauguration. He was referring to the state of Kerala, a key tourist spot. Currently, nearly 75% of India's container cargo is handled by foreign ports such as Colombo, Singapore, and Dubai, resulting in longer shipping times and added costs, Modi said, adding that Indian ports 'lost revenue due to transshipment happening in ports outside India.' The foreign handling has led to India losing around $200-220 million every year, with each container rerouted through another country incurring extra charges of $80-100. However, with the commissioning of the Vizhinjam Port, this will change, Modi added. This project has been developed under a public-private partnership by Adani Ports and Special Economic Zone Ltd, which belongs to billionaire business tycoon Gautam Adani. Adani Ports is India's largest port developer. The port's natural sea depth of 18-20 meters close to the shore allows even the largest cargo ships in the world to dock without expensive dredging. Its proximity to the main east-west shipping route, just ten nautical miles away, eliminates the need for detours, industry watchers said. The port already received the MSC Türkiye, one of the world's largest container vessels, earlier this year, according to reports. India is taking steps to ensure that it can enable higher trade volumes with projects such as the transshipment facility, according to industry watchers.
