Has India Committed $20 Billion for Maritime Infrastructure Development?

New Delhi, June 5 (NationPress) India has pledged $20 billion for the development of infrastructure aimed at boosting multimodal logistics, enhancing port connectivity, and facilitating trade, as stated by Union Minister Sarbananda Sonowal on Thursday.

During his keynote address at the India Country Session in Oslo, he emphasized India's expanding maritime capabilities, which include a favorable investment climate driven by policy, a solid track record in shipbuilding, efforts towards a circular economy, and innovative financing strategies that aim to propel growth in this sector. He remarked, "Under the visionary leadership of Prime Minister Narendra Modi, India is resolutely progressing toward the ambitions of Viksit Bharat and Atmanirbhar Bharat. These objectives aim to position India as a modern, self-sufficient, inclusive, and globally integrated economy."

The maritime sector plays a pivotal role in this journey, functioning not only as a catalyst for growth but also as a facilitator of resilience, sustainability, and strategic connectivity.

"India has initiated comprehensive measures to enhance port infrastructure, integrate logistics networks, and simplify business operations for the private sector. These reforms are yielding positive results, evidenced by heightened port efficiency, robust cargo movements, and increasing investor trust," he noted.

The Shipping Minister also underscored the enhancement of maritime connectivity and supply chains through strategic corridors such as the India-Middle East-Europe Economic Corridor (IMEEC), the Eastern Maritime Corridor (EMC), and the International North-South Transport Corridor (INSTC).

"India is striving to be a credible and competitive option. Through policy incentives, simplified business environments, and infrastructure improvements, we are laying the groundwork for India to become one of the top five shipbuilding nations by 2047," he stated.

India is also establishing three Green Hydrogen Hub Ports — Kandla, Tuticorin, and Paradip — to facilitate the production of green hydrogen and its derivatives, leading the way in the adoption of alternative fuels within the maritime sector.

"We take pride in leading under the IMO's Green Voyage 2050 initiative, helping developing nations transition their energy systems," he added.

India's maritime digital landscape is experiencing a significant transformation. Initiatives like ONOP (One Nation-One Port Process), the National Logistics Portal (Marine), and MAITRI – Virtual Trade Corridor are creating a cohesive national platform for port services and EXIM trade.

"These initiatives are enhancing operational transparency, shortening transaction times, and building real-time data systems. We are also collaborating with international partners to develop Virtual Trade Corridors that will digitally link ports, streamlining cargo movement and minimizing bottlenecks," concluded the minister.