Namaskar, all the guests from all over the world, my cabinet colleagues, Chief Ministers and Deputy Chief Ministers of Goa and Maharashtra, other dignitaries, ladies and gentlemen!

I welcome you all to the third edition of the Global Maritime India Summit. Earlier when we met in 2021, the whole world was in the grips of the uncertainty created by Corona. No one knew what the world would be like after Corona. But today a new world order is taking shape and in this changing world order the whole world is looking towards Bharat with new aspirations. India's economy is continuously strengthening in a world faced with an economic crisis. The day is not far when Bharat will be one of the top 3 economic powers of the world. We all know that maximum trade in the world takes place through sea routes. In the Post-Corona world, today the world also needs reliable and resilient supply chains. That is why this edition of Global Maritime India Summit has become even more relevant.

Friends,

History is witness to the fact that whenever Bharat's maritime capability has been strong, the country and the world have benefited greatly from it. With this thinking, we have been working in a planned manner for the last 9-10 years to strengthen this sector. Recently, at the initiative of Bharat, a step has been taken which has the potential to revive the maritime industry around the world in the 21st century. A historic consensus has been reached on the India-Middle East-Europe Economic Corridor during the G-20 Summit. Hundreds of years ago, the Silk Route gave impetus to global trade. This route had become the basis for the development of many countries of the world. Now this historical corridor will also transform the picture of regional and global trade. Construction of next Generation Mega Ports and International Container Transshipment Port, island development, inland waterways, expansion of multi-modal hubs, many such major projects are to be undertaken under this scheme. This corridor will reduce business costs, increase logistical efficiency, reduce environmental damage and also create a large number of jobs. This is a big opportunity for investors to become a part of this campaign by associating with Bharat.

Friends,

Today's Bharat is working towards becoming a developed nation in the next 25 years. We are bringing revolutionary changes in every sector. We have relentlessly worked to strengthen the entire eco-system of maritime infrastructure. In the last decade, the capacity of Bharat's major ports has doubled. The turn-around time of container vessels, which was around 42 hours 9-10 years ago in 2014, has reduced to less than 24 hours in 2023. To strengthen port connectivity, we have built thousands of kilometres of new roads. The infrastructure of our coastal area is also being strengthened under the Sagarmala Project. All these efforts are increasing the employment opportunities and ease of living manifold.

Friends,

Our vision of ‘Ports for Prosperity’ and ‘Ports for Progress’ is continuously bringing change on the ground. But our work has also taken forward the mantra of ‘Ports For Productivity’. To increase the productivity of the economy, our government is also making the logistics sector effective and efficient. Bharat is also modernizing its coastal shipping mode. Coastal cargo traffic has doubled in the last decade and this is also providing people a cost-effective logistics option. A major change is also sweeping Bharat due to the development of inland waterways. In the last decade, cargo handling on national waterways has seen almost 4 times growth. Due to our efforts, Bharat's ratings in the Logistics Performance Index have also improved in the last 9 years.

Friends,

We also have a major focus on the ship-building and repair sector. Our indigenous aircraft carrier INS Vikrant is a proof of Bharat's capability and potential. Bharat is going to be one of the top five ship-building nations in the world in the next decades. Our mantra is: 'Make in India, Make for the World'. We are working on an integrated approach of bringing together shipbuilding stakeholders through the development of Maritime Clusters. We are going to develop shipbuilding and repair centres at several places in the country in the coming times. Bharat already ranks second globally in the field of ship recycling. To make its major ports carbon neutral, Bharat is also working on a net zero strategy in the maritime sector. We are moving towards a future where a blue economy will be the means to become a green planet.

Friends,

Work is being done at a rapid pace in Bharat to ensure that the world's biggest maritime operators come to Bharat and operate from Bharat. Gujarat's modern GIFT City has launched ship leasing as a major financial service. Many types of rebates are also being given to ship leasing companies by GIFT IFSC. I am glad that 4 global ship leasing companies of the world have also registered with GIFT IFSC. I would also call upon other ship leasing companies present at this summit to join GIFT IFSC.

Friends,

Bharat has a vast coastline, strong riverine ecosystem and rich cultural heritage. Together, these create a new possibility for maritime tourism. About 5000 years old Lothal Dockyard in Bharat is a world heritage. In a way, Lothal is the Cradle of Shipping. To preserve this world heritage, a National Maritime Heritage Complex is also being built in Lothal. Lothal is not very far from Mumbai. I request you to visit Lothal once.

Friends,

To increase maritime tourism, we have also started the world's largest river cruise service. Bharat is working on many projects related to this at its different ports. A new international cruise terminal is being built in Mumbai. This year we have also built such modern cruise terminals in Visakhapatnam and Chennai. Bharat is moving towards becoming a global cruise hub through its state-of-the-art infrastructure.

Friends,

Bharat is one of the few countries which has such a combination of development, demography, democracy and demand. At a time when Bharat is moving towards the goal of becoming a developed Bharat by 2047, this is a golden opportunity for you. I once again invite all the investors like you from all over the world to come to Bharat and join us on the path of development. We will walk together; we will create a new future together; thank you very much!

DISCLAIMER: This is the approximate translation of PM’s speech. Original speech was delivered in Hindi.

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DS/VJ/IG/AK