India’s shipping ministry is shooting for the moon with its ambitions for the nation’s maritime future. At a meeting for foreign ambassadors ahead of India Maritime Week, Union minister for shipping Sarbananda Sonowal pitched a $1 trillion “roadmap” for public and private investment in the nation’s critical infrastructure.
Speaking to representatives from 28 nations, Sonowal said that India is working to transform and modernize its ports, logistics and shipping systems. “These opportunities open up a $1 trillion maritime investment roadmap, with strong potential for joint ventures in developing ports and cargo terminal operations, multi-modal terminals, maritime services, shipbuilding, ship recycling and ship repairs, green hydrogen hubs, and sustainable shipping solutions,” he said.
To get ready, India’s government has been overhauling the nation’s maritime legal structure to bring it up to date and align it with international standards, making the country more accessible for foreign shipping investors. Five newly-passed legislative acts – the Bills of Lading Act, Carriage of Goods by Sea Act, Merchant Shipping Act, Coastal Shipping Act, and Indian Ports Act – are all part of a plan to update laws that date back to the era of British governance.
The investment pitch delved into specifics of opportunities for foreign partners. Port investors could spend on projects like Vadhavan Port, a gigantic transshipment-focused container port in Maharashtra with a proposed nameplate capacity of 23 million TEU at full buildout – enough to double India’s entire container-handling capacity. Other opportunities include Galathea Bay Transshipment Port, a large-scale container facility planned in the Andaman and Nicobar Islands; and Tuna Tekra Terminal, a two million TEU container port on India’s west coast, operated by DP World. The government is also looking to attract investors for LNG bunkering hubs, industrial parks and green fuel infrastructure.
“India stands ready to collaborate and lead towards a maritime future that is prosperous, sustainable and inclusive,” Sonowal said.
