Indian coastline can become engine of growth: PM

Mumbai, Apr 14 (KNN) Prime Minister Narendra Modi today said that the Indian coastline which measures about 7500 kilometres can become an engine of growth for the country, offering huge investment opportunity.

Addressing the Maritime India Summit here, Narendra Modi said apart from the length of the coastline, India's maritime potential also lies in its strategic location on all major shipping highways, as per an official release.

In addition, we have an expansive and productive hinterland, through which flows a network of mighty rivers. Our maritime agenda will complement this ambitious infrastructure plan for the hinterland which is going on in parallel, he said, adding that the long coastline of India along with diverse coastal regions and hard working coastal communities can become an engine of growth of India.

He called upon the global business community to partner with India to give shape to the process of port led development. 

Thereafter, the PM talked about the various reforms and initiatives undertaken to enable the growth of the port and related sectors.

The PM also spoke about the Sagarmala programme which focuses on promoting port led development, energizing the coastal economy and infrastructure development in these areas.

“We particularly want to modernize our ports and integrate them with Special Economic Zones, Port based Smart Cities, Industrial Parks, Warehouses, Logistics Parks and Transport Corridors,” he said.

Lauding about the Indian Economy, the PM said that with a GDP growth rate of more than seven per cent, India is the fastest growing major economy today. The IMF and the World Bank have indicated even better prospects in the days to come. We are taking aggressive steps to ensure that our process of growth is both fast as well as inclusive, he added.

“We want to mobilize an investment of one lakh crore, or one trillion rupees, in the Port Sector to enable this growth. Five new ports are planned to meet the increasing demand of the Exim trade which will rise in proportion with the fast-growing Indian economy.

New ports are also being developed by several coastal States of India,” he informed. (KNN Bureau)