Global Maritime India Summit 2023

Table of Contents

The Indian maritime sector has immense potential for propelling the country’s economic growth. To realize this potential, the Ministry of Ports, Shipping and Waterways organized the 3rd edition of the Global Maritime India Summit 2023 (GMIS 2023) in Mumbai.

GMIS 2023 Overview

Global Maritime India Summit 2023

Sections	Details
Introduction	Flagship annual event by Ministry of Ports, Shipping, and Waterways. Objective: Augment maritime economy via investments and collaborations.
Vision 2047	Comprehensive plan for maritime sector up to 2047. Launch of projects worth Rs 23,000 crores.
Core Focus Areas	Port infrastructure enhancement and interconnectivity. Upliftment of coastal shipping and inland waterways. Growth in shipbuilding, its repair and recycling. Advancing maritime tourism. Push for sustainable practices and carbon footprint reduction. Acceleration in technology integration.
Summit Outcomes	Generation of investment prospects and business collaborations. Strengthening international alliances. Display of innovations and maritime capabilities. Enactment of policy reforms for sectoral growth.
Indian Maritime Sector Overview	Extended coastline spanning 7,500 km. Pivotal to trade and national economy. Strides in port infrastructure and reducing turnaround time.
Highlighted Initiatives	Creation of maritime clusters. Amplification of cruise tourism potential. Extension and promotion of inland waterways. Commitment to adopting eco-friendly technologies. Emphasis on preserving and promoting maritime heritage.
Final Thought	The 2023 GMIS acts as a cornerstone in charting India’s journey towards becoming a predominant maritime force by the year 2047.

About Global Maritime India Summit 2023

The GMIS 2023 is the flagship annual event aimed at boosting the Indian maritime economy through global and regional partnerships and facilitating investments. The 3-day summit was inaugurated virtually by the Prime Minister of India from Mumbai.

The event witnessed participation from ministers, business leaders, investors and stakeholders from India and across the world. The focus was on key issues and opportunities in ports, shipping, logistics, sustainability, maritime tourism and infrastructure.

Global Maritime India Summit 2023 Partner countires | Image credit: JNPA

Unveiling Vision 2047

The PM of India unveiled the ‘Amrit Kaal Vision 2047’ which provides a blueprint for the maritime sector to contribute to India’s vision of becoming a developed nation by 2047.

In line with this long-term plan, projects worth over Rs 23,000 crores were inaugurated or initiated by the PM during the summit. The aim is to enhance port infrastructure, promote sustainable practices and boost international collaboration over the next 25 years.

Highlights of the Summit

Investment Opportunities

The PM invited global investors to participate in the India growth story and invest in its maritime infrastructure. The summit provided a platform for sealing partnerships and attracting funds.

Focus Areas

Sessions focusing on key themes like ports development, coastal shipping, inland waterways, shipbuilding, maritime clusters, sustainability, tourism etc were organized.

The summit had exhibitions to showcase opportunities in the maritime sector. Country sessions were also held between India and partner nations.

Infrastructure Projects

The Tuna Tekra deep draft greenfield terminal worth Rs 4500 crores was announced at Deendayal Port, Gujarat. State-of-the-art infrastructure like international cruise terminals were inaugurated.

Forward Goals

Policy discussions were held between global leaders on critical issues like adopting green fuels, modernizing fleets, enhancing productivity at ports through latest technology etc.

The Maritime Excellence Achievers awards recognized outstanding contributions by companies to India’s maritime leadership ambitions.

India’s Maritime Sector

With a vast coastline of 7500 km, India has tremendous potential to grow into a global maritime power. The sector contributes significantly to trade with 95% of India’s international trade by volume and 70% by value carried over sea routes.

The government has takensteps to improve port infrastructure, turnaround time and connectivity via roads, railways over the past decade. Initiatives like Sagarmala have been launched to strengthen port-led development.

The capacity at major ports has doubled and the turnaround time for large ships has reduced to under 24 hours from 42 hours in 2014. The coastal cargo traffic has also doubled indicating the growth in coastal shipping.

Boosting Key Areas

Shipbuilding and Repair

The shipbuilding sector will be developed through dedicated maritime clusters. India aims to be among the top five shipbuilding countries within this decade. The ship repair and recycling segments also hold huge promise.

Inland Waterways

Cargo volumes on national waterways have quadrupled over the past years. Expanding the inland waterways network will enable cost-effective and environment-friendly transportation.

Maritime Tourism

India is developing infrastructure like international cruise terminals to become a global cruise destination. Initiatives like river cruise services and maritime heritage complexes will also give a fillip to tourism.

Sustainability

Adoption of green fuels, net-zero initiatives and e-mobility solutions will help transition major ports towards carbon neutrality and build a sustainable blue economy.

Final Thoughts

The Global Maritime India Summit (GMIS) 2023 has accelerated India’s ambitions to become a leading maritime nation. It has created a roadmap for boosting investments, infrastructure, tourism, sustainability and employment generation in the sector while integrating with the global value chains. The Vision 2047 provides a long-term trajectory for India to leverage its maritime strengths and collaborate with partner countries to realize its economic goals. Robust policy efforts, adoption of new technologies and active participation from public and private players will drive the maritime growth story.