“India as a maritime nation is
poised for growth, and there is a lot of potential available, especially with
Europe. We have identified several areas where we are already collaborating,
and there is scope for a lot of collaboration in the future,” said Ramachandran at the 2nd CII India Europe
Business and Sustainability Conclave in Delhi.
Ramachandran, in his
presentation, noted that while the India-Middle-East-Europe Connectivity
Corridor (IMEEC) “has the potential to unlock deep cooperation”, the country
could also gain from best practices of shipbuilding and repair followed in
Europe and attract investments in green shipbuilding.
Ramachandran
highlighted that India had made strides in doubling port capacity and
increasing the national waterway cargo carrying capacity by 17 times over the
last decade, but more could be done. “We have created
a maritime development fund, which we are going to take forward,” Ramachandran
said, highlighting the need for the shipping sector to attain infrastructure status
for long-term financing.
The secretary, besides
developing green ports and one new major port at Vadhavan, also emphasised the
role of technology to improve efficiency. “A
lot of digital technologies, robotics to ensure that ports are efficient will
be deployed,” he noted.
He noted that while the
development of the Blue economy by 2047 would require investment of nearly $1
trillion, the ministry was eyeing financial support from state-owned banks and
development banks.
The government last year, had
announced that it had secured over Rs 10 lakh crore in investment at the Global
Maritime India Summit 2023.