‘Sagarmala 2.0’ Set to Ignite Investments of Rs 12 Lakh Crore: Minister
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Synopsis
The Indian government is launching 'Sagarmala 2.0', a major initiative aimed at enhancing the maritime sector and attracting investments of Rs 12 lakh crore. This follows the first phase, which engaged 839 projects worth Rs 5.79 lakh crore, boosting port modernization and coastal infrastructure.
Key Takeaways
- Sagarmala 2.0 to generate Rs 12 lakh crore in investments.
- 234 port modernization projects underway.
- 279 connectivity projects enhancing port links.
- Coastal shipping growth of 118%.
- Vision to rank India among the top five shipbuilding nations.
New Delhi, March 20 (NationPress) The Central Government is currently engaged in 839 projects valued at Rs 5.79 lakh crore under the 'Sagarmala' initiative, having successfully completed 272 projects with an investment of Rs 1.41 lakh crore.
The upcoming ‘Sagarmala 2.0’ initiative represents a strategic enhancement, emphasizing shipbuilding, repair, dismantling, and recycling activities. Supported by Rs 40,000 crore in budget allocations, it aims to stimulate investments totaling Rs 12 lakh crore over the coming decade, as stated by the government.
Union Minister of Ports, Shipping and Waterways, Sarbananda Sonowal, reported that 234 port modernization projects worth Rs 2.91 lakh crore are currently in progress, with 103 projects completed, contributing an additional 230 MTPA capacity.
In terms of connectivity, 279 projects valued at Rs 2.06 lakh crore are being executed, with 92 projects completed, enhancing 1,500 km of port connectivity.
“Port-led industrialization has seen 14 projects worth Rs 55,000 crore, with nine completed. Additionally, over 310 projects valued at Rs 26,000 crore under Coastal Community Development and Inland Waterways have benefited more than 30,000 fishermen and improved coastal infrastructure,” the minister explained.
The Ministry has allocated Rs 10,000 crore for 119 projects across coastal states and Union Territories under the Sagarmala program.
“Under the insightful leadership of Prime Minister Narendra Modi, the immense potential of the maritime sector, which had been overlooked for decades, has been acknowledged through Sagarmala,” Sonowal remarked at the 4th National Sagarmala Apex Committee Meet.
“As we progress towards Sagarmala 2.0, our priority is to fill essential infrastructure gaps with new investments, promoting coastal economic development, and establishing India as a global maritime powerhouse,” he added.
Sagarmala has expedited operations at India’s ports, bolstered the coastal economy, revitalized inland waterways, and enhanced global logistics standings.
Coastal shipping experienced a growth of 118 percent over a decade, Ro-Pax ferries transported over 40 lakh passengers, and inland waterway cargo surged by 700 percent.
Nine Indian ports are listed among the world’s top 100, with Vizag making it into the top 20 container ports. Indian ports now outperform several advanced maritime nations across key performance indicators.
The Ministry is also striving to transform the maritime sector by 2047 through plans like the Maritime Amrit Kaal Vision (MAKV).
“This vision aims to position India among the top five shipbuilding nations globally by increasing shipbuilding capacity by 4 million GRT. It also seeks to enhance port handling capacity to 10 billion metric tons annually, marking an unprecedented growth trajectory for India’s maritime sector,” Sonowal stated.
—IANS
