Is India’s Maritime Sector Ready to Attract Rs 80 Lakh Crore Investment and Create 1.5 Crore Jobs?

Kochi, Sep 16 (NationPress) India is poised to secure investments amounting to Rs 80 lakh crore and generate over 1.5 crore jobs under the “Maritime Amrit Kaal Vision” as the government taps into the potential of the nation’s coasts and waterways with ambitious plans to develop the Blue Economy, stated Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal on Tuesday.

During a maritime conclave, he emphasized that the government’s flagship ‘Sagarmala’ initiative is spearheading this transformation with 840 projects valued at Rs 5.8 lakh crore slated for completion by 2035. To date, 272 projects worth Rs 1.41 lakh crore have been finalized. The forthcoming Rs 76,000-crore Vadhavan Port in Maharashtra is anticipated to rank among the top ten container ports globally and is expected to generate 12 lakh jobs. Meanwhile, India’s major ports have successfully minimized turnaround time to 0.9 days, surpassing global standards set by the US, Germany, and Singapore. Currently, nine Indian ports are featured among the world’s top 100.

Sonowal remarked that India’s maritime landscape is undergoing a significant transition, gearing the country toward becoming a future global maritime superpower.

Highlighting the government’s policy framework for the rapid execution of PM Narendra Modi’s maritime vision, he noted: "Our policy reforms are fostering an investor-friendly atmosphere. In this vein, following extensive stakeholder consultations embodying cooperative federalism, we have recently instituted five landmark legislations that are set to redefine the maritime domain of the nation, establishing a robust, business-friendly, and environmentally sustainable legislative framework aligned with global standards."

With the establishment of the Rs 25,000 crore Maritime Development Fund (MDF), the government has incentivized shipbuilding, granted infrastructure status to large vessels, and offered tonnage tax benefits for inland vessels. Collectively, these measures are enhancing competitiveness and aligning with global standards, he stated.

"Transitioning from a state of 'No Vision' under the UPA regime, Prime Minister Modi has presented us with two 'Grand Visions' - the Maritime India Vision 2030 and the Maritime Amrit Kaal Vision 2047. These vision documents have significantly influenced our strategy and planning to invigorate the sector and empower it as a force multiplier towards advancing the Indian economy into a Viksit Bharat," Sonowal expressed.

He further mentioned that Kerala has emerged as a pivotal force in this maritime revival. The Vizhinjam International Seaport, operational since 2024, stands as India’s first fully automated transhipment hub, having already processed 10.6 lakh TEUs and nearly 500 ships. The Cochin Shipyard — the architect of INS Vikrant — is broadening its global presence in shipbuilding and repair.

Discussing Kerala’s critical role in India’s ambition to become a global maritime powerhouse, Sonowal stated: "Kerala serves as the anchor for India’s vision of establishing a maritime superpower by 2047. The Cochin Port and its Vallarpadam transhipment terminal are poised for further expansion to accommodate increasing cargo volumes. Under the Sagarmala initiative, 54 projects worth Rs 24,000 crore are currently underway in Kerala, with 20 already completed. These include modernized fishing harbors in Kochi, Kannur, and Thrissur, delivering direct benefits to thousands of fishermen. This initiative aims to harness the state's maritime capabilities while unlocking opportunities to further the overarching goal of maritime excellence."

The Kochi Water Metro — Asia’s largest integrated water transport system — is transforming urban connectivity with 78 electric-hybrid vessels linking 10 island communities. Kerala’s waterways are also being developed into economic corridors. National Waterway 3 and the International Cruise Terminal in Kochi have unlocked tourism and logistics prospects, with the terminal welcoming 105 cruise ships and 1.4 lakh passengers within just three years, he added.

With India Maritime Week 2025 scheduled in Mumbai this October, the government anticipates fortified international collaborations and new investment inflows. Sonowal called on global stakeholders to engage in discussions on issues such as decarbonization, supply chain resilience, cybersecurity, and sustainable shipping.