Overview
- Calling India a “steady lighthouse,” the prime minister urged global investors to expand in the country’s shipping and ports sector and chaired a closed-door CEO roundtable.
- The government announced nearly ₹70,000 crore to strengthen shipyards and long-term financing, granted large ships infrastructure-asset status, replaced colonial-era shipping laws, and introduced a new Coastal Shipping Act.
- Modi said projects worth about ₹12 lakh crore were launched at the conclave, a figure reported in coverage without detailed breakdowns.
- He cited recent milestones including Vizhinjam’s operational start, a planned new port at Vadhavan costed at roughly ₹76,000 crore, record cargo volumes, and a cut in average vessel turnaround time to 48 hours.
- New tie-ups included a Drydocks World–Cochin Shipyard–CEMS pact to train an industry-ready workforce and a DP World agreement to pilot Nevomo’s MagRail Booster at Deendayal Port, alongside India’s policy allowing 100% FDI in the sector.