India’s maritime sector has the potential to attract investment of Rs 10 lakh crore, according to Sarbananda Sonowal, Union Minister of Ports, Shipping & Waterways.

The sector has the potential to drive economic growth in India and the Asia-Pacific region.

Speaking at the curtain raiser for the Global Maritime India Summit 2023 on Tuesday, Sonowal said the event aims to unlock new investments and foster collaborations. Additionally, it will promote knowledge-sharing, technological advancements, and an improved business environment.

“With an identified investment opportunity of Rs 10 lakh crore in the maritime sector , we stand on the threshold of a major economic upswing to generate employment for more than 15 lakh people in India,” he said.

Pro-active government policies pertaining to ports, shipping, and inland waterways have also helped the country “lead from the front”.

Sonowal also underscored India’s commitment to regional trade development efforts within the BIMSTEC region, and the establishment of 5,000 km of multi-country waterways to facilitate trade and transportation.

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The Global Maritime India Summit 2023 will focus on several key areas, including Ports of the Future, Decarbonization, Coastal Shipping & Inland Waterways Transportation, Shipbuilding, Repair & Recycling, Finance, Insurance & Arbitration, Innovation & Technology, Maritime Safety & Security, and Maritime Tourism.

The country is dedicated to developing environmentally conscious shipping solutions. Ranked second globally in recycling, it aims to secure the top position in the next two decades. The government plans to promote the use of battery-powered vehicles and carbon-neutral alternatives in major ports.