Mumbai, Jan 22 (NationPress) Union Minister Sarbananda Sonowal announced on Wednesday that India is set to enhance its port capacity by over six times, aiming for a total of 10,000 million tonnes per annum by 2047. This initiative represents the nation's most extensive maritime infrastructure undertaking as it seeks to establish itself as a global shipping center.

During his address at the FICCI Maritime Conference and Expo in Mumbai, Sonowal disclosed that major ports are currently managing 820 MMT of cargo each year, reflecting a 47 percent rise since 2014. In the same timeframe, overall port capacity has surged to 1,630 MMT, doubling the previous figures.

"India's maritime sector has emerged as a critical element of our economic revival," he emphasized.

The expansion strategy includes the establishment of two pivotal mega-ports: the Vadhavan Port in Maharashtra, anticipated to be India's largest container terminal, and the International Container Transshipment Port at Galathea Bay in Great Nicobar, which aims to capture transshipment traffic along essential global trade routes.

“These advancements embody our vision of Ports for Prosperity, where infrastructure acts as a catalyst for economic development and job creation,” said the Union Minister.

The maritime modernization initiative has already produced notable efficiency improvements.

Container dwell time has been cut down to three days, while vessel turnaround time has enhanced to 0.9 days, outpacing many advanced economies. Currently, nine Indian ports are listed in the World Bank's Container Port Performance Index 2023, with Visakhapatnam appearing among the top 20 globally.

Additionally, T K Ramachandran, Secretary of the Ministry of Ports, Shipping & Waterways, shared that India's maritime sector aims for $1 trillion in investments by 2047, with immediate initiatives to set up green hydrogen production facilities at major ports.

Ramachandran mentioned that multiple companies have already secured leases for 4,000 acres for green hydrogen projects at the ports of Kandla, Tuticorin, and Paradip, with production expected to start within a year.

“Half a dozen companies are ready to invest in these areas,” Ramachandran stated, adding, “We anticipate around Rs 5 lakh crore in investments by 2030.

Furthermore, Ramachandran referenced the Hong Kong Convention on ship recycling, which will be implemented in June, indicating that the government expects Indian shipyards to gain from this development.

Most recycling yards in Alang are already in compliance with the convention's criteria, positioning India to capture a larger portion of the global ship recycling industry, he noted.