ENA Sectors 2025-01-23 14:54:45 <p><span style="font-size:14px"><strong>New Delhi, Jan 23 (KNN)</strong> Indias maritime sector is on the brink of a transformative leap, requiring a staggering USD 1 trillion investment by 2047 and Rs 5 lakh crore by 2030 to unlock its full potential, according to T.K. Ramachandran, Secretary, Union Ministry of Ports, Shipping &amp; Waterways.</span></p> <p><span style="font-size:14px">Speaking at the FICCI Maritime Conference and Expo 2025 in Mumbai, he outlined the governments vision for decarbonisation and expansion of the sector.</span></p> <p><span style="font-size:14px">To drive sustainability, green hydrogen production hubs are being established at Paradip, Tuticorin, and Kandla ports, with 4,000 acres of land already leased to half a dozen companies.</span></p> <p><span style="font-size:14px">Production is expected to commence within a year, marking a pivotal step in reducing shipping emissions.</span></p> <p><span style="font-size:14px">Ramachandran highlighted the upcoming enforcement of the Hong Kong Convention on Ship Recycling in June, which will position India as a global leader in ship recycling.</span></p> <p><span style="font-size:14px">Indian yards, particularly those in Alang, Gujarat, are already compliant with the Conventions standards.</span></p> <p><span style="font-size:14px">Union Minister for Ports, Shipping &amp; Waterways underscored the maritime sector's role as the cornerstone of Indias economic resurgence.</span></p> <p><span style="font-size:14px">By 2047, Indias port capacity is expected to expand sixfold to 10,000 million tonnes (MT) annually, propelling the country into the ranks of the top 10 maritime nations.</span></p> <p><span style="font-size:14px">Major ports currently handle 820 MT of cargo annually, a 47 per cent rise since 2014, with total capacity doubling to 1,630 MT during the same period.</span></p> <p><span style="font-size:14px">The Minister announced significant infrastructure developments, including the Vadhavan Port in Maharashtra, which will become Indias largest container facility, and the International Container Transshipment Port at Galathea Bay in Great Nicobar, designed to dominate global transshipment routes.</span></p> <p><span style="font-size:14px">Efficiency gains are evident, with vessel turnaround times now at 0.9 days and container dwelling times reduced to three days.</span></p> <p><span style="font-size:14px">Nine Indian ports feature in the World Banks 2023 Container Port Performance Index, with Visakhapatnam ranking in the global top 20.</span></p> <p><span style="font-size:14px">Challenges remain, as highlighted by Sanmar Shippings Subba Rao, who called for a focus on skilled labor and sustainable fuels.</span></p> <p><span style="font-size:14px">During the event, the FICCI-CRISIL Knowledge Report on Indias shipbuilding potential was unveiled, showcasing opportunities to elevate India into a global shipbuilding hub.</span></p> <p><span style="font-size:14px">With these strides, Indias maritime sector is set to steer the nation toward economic prosperity and global leadership.</span></p> <p><strong><em><span style="font-size:14px">(KNN Bureau)</span></em></strong></p> 40762 https://knnindia.co.in/news/newsdetails/sectors/india-targets-usd-1-trillion-investment-in-maritime-sector-by-2047 2025-01-23 14:54:45 knnindia.co.in