Global Maritime India Summit 2023: A Watershed Moment in India’s Maritime Industry

GMIS 2023

The three-day Global Maritime India Summit 2023 (GMIS), hosted in Mumbai, came to a triumphant close, leaving a profound impact on the maritime industry in India. The event garnered international recognition and unprecedented success.

The Summit managed to secure a staggering INR 10 lakh crores of investment – a substantial stride towards realizing Prime Minister Narendra Modi’s ‘Amrit Kaal Vision 2047,’ which envisions INR 80 lakh crore in maritime sector investments by 2047.

The Summit made its mark as a milestone event for the Indian maritime industry that united stakeholders, industry leaders, and experts from across the globe. With its carefully designed agenda, the event marked a pivotal moment in shaping the future of India’s maritime sector and promoting global cooperation. At the valedictory session, Union Minister Sarbananda Sonowal unveiled the ‘GMIS 2023 Mumbai Declaration,’ accompanied by several prominent ministers and officials, including the Union Minister of Finance, Nirmal Sitharaman, and the Union Minister of Commerce & Industry, Piyush Goyal, among others.

Prime Minister Narendra Modi inaugurated the event via video conferencing. He unveiled a blueprint for India’s maritime blue economy until 2047, emphasizing the transformative potential of the India-Middle East Europe Economic Corridor. Modi’s visionary plans included the development of a next-generation mega port, international container trans-shipment port, island development, inland waterways, and multi-modal hubs. These initiatives aim to reduce business costs, minimize environmental impact, and create employment opportunities.

The Prime Minister also highlighted India’s achievements in the last decade, with the capacity of major ports doubling and improved turnaround times for vessels. He underlined the importance of infrastructure development, including the Sagarmala Project, in strengthening coastal connectivity and enhancing the ease of living. In line with this futuristic plan, the Prime Minister dedicated to the nation and laid the foundation stone for projects worth more than Rs 23,000 crore that are aligned with the maritime blueprint.

He also underlined the transformative impact of the G20 consensus on the proposed India-Middle East Europe Economic Corridor and said that as the Silk Route of the past changed the economy of many countries, this corridor, too, would transform the picture of global trade.

The Prime Minister laid the foundation stone of the Tuna Tekra all-weather deep draft terminal, to be built at a cost of more than Rs 4,500 crore at Deendayal Port Authority in Gujarat. This state-of-the-art greenfield terminal will be developed in PPP mode. The terminal, which is likely to emerge as an international trade hub, will handle next-gen vessels exceeding 18,000 twenty-foot equivalent units (TEUs) and will act as a gateway for Indian trade via the India-Middle East-Europe Economic Corridor (IMEEC).

GMIS 2023 resulted in the signing of over 70 MoUs, indicating the Summit’s pivotal role in propelling India towards sustainable and green transportation. These agreements encompassed diverse maritime sectors, including port development, green energy, and port connectivity.

The key discussions of the Summit were focused on sustainability, environmental responsibility, and digitalization within the maritime industry apart from discussing the various opportunities and challenges. The summit showcased investment opportunities, spanning port infrastructure development to shipbuilding, aimed at elevating India’s maritime sector.

The event featured insightful sessions addressing key aspects of the maritime industry, from green shipping to the latest trends in shipping and maritime logistics. Minister of Road Transport & Highways Nitin Gadkari discussed the integration of inland waterways into multimodal economic corridors, while strategies for promoting coastal shipping were deliberated. Other eminent speakers from various sectors, including government officials, industry leaders, and renowned experts, also shared their insights and expertise, contributing to the wealth of knowledge disseminated during the event.

GMIS 2023 drew participation from over 70 countries, underscoring its international significance, and provided a platform for cross-border collaboration, knowledge exchange, and the signing of numerous Memorandums of Understanding (MoUs), emphasizing commitment to research, technology, and infrastructure development.

In summary, GMIS 2023 was a resounding success, underscoring India’s maritime potential and its commitment to sustainable development and global cooperation in the maritime industry.

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