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18/10/23 | 10:45 am

IMEEC will transform the picture of new global trade, says PM Modi in GMI Summit

PM Narendra Modi on October 16, said the Silk Route of the past that accelerated the global economy, the India-Middle East Europe Economic Corridor (IMEEC) will transform the picture of new global trade. PM Modi also said India will take up several projects such as the development of the next-generation mega port, international container trans-shipment port, island development, inland waterways, and multi-modal hubs as a part of the cross-country economic corridor plan.

Addressing the Global Maritime India Summit (GMIS) virtually, PM Modi said, “The operation of this corridor will result in a reduction in cost of business, improve logistical efficiency, cut environmental degradation and create jobs. This is a great opportunity for investors to become part of this campaign and join India.”

The Centre has started mapping tasks for augmenting the capacity of ports on the western coast – JNPT, Kandla, Mumbai and Mundra, and also plans to start work for the development of Rs 65,500 crore greenfield port at Vadhavan in Maharashtra in December. The government aims to make this largest port with a natural draft of about 20 metres close to the shore fully ready to meet the additional demand that would be generated due to the IMEEC.

PM Modi also laid the foundation stone for projects worth more than Rs 23,000 crore that are aligned with the Indian maritime blue economy and highlighted the government's focus on the shipbuilding and repair sector as he pointed out the manufacturing of indigenous aircraft carrier INS Vikrant as the proof of India's capacity.

In addition, India is going to become one of the top five ship-building nations in the coming decade. Our Mantra is 'Make in India – Make for the world.

PM Modi said the government is putting efforts to make major ports in India carbon-neutral via a net-zero strategy for the sector. “We are moving towards a future where the Blue Economy will be the medium to create a Green Planet,” he added. Recalling how the entire world was marred by uncertainties of the COVID-19 pandemic when the summit took place in 2021, Modi said now in the changing world order, the world is looking towards India with new aspirations.

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