Latest News | India Commits USD 20 Bn for Maritime Infrastructure Development: Sonowal

New Delhi, Jun 5 (PTI) India has committed USD 20 billion for infrastructure development, with a focus on enhancing multimodal logistics, port connectivity and trade facilitation, Union Minister Sarbananda Sonowal said on Thursday.

Speaking at the Nor-Shipping conference in Oslo, Sonowal highlighted India's growing maritime capabilities, including favourable policy induced investment environment, proven shipbuilding strength, and innovative financing plans to accelerate sectoral growth.

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According to an official statement, the Ports, Shipping and Waterways Minister also called for greater partnerships for seafarer recruitment.

Sonowal also highlighted strengthening of maritime connectivity and supply chains with strategic corridors like India - Middle East - Europe Economic Corridor (IMEEC), the Eastern Maritime Corridor (EMC), and the International North - South Transport Corridor (INSTC).

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"India has committed USD 20 billion for infrastructure development focused on enhancing multimodal logistics, port connectivity, and trade facilitation.

"Through policy incentives, ease of doing business, and infrastructure enhancement, we are laying the foundation for India to emerge as one of the top five shipbuilding nations by 2047," Sonowal added.

Emphasising the need for a green and sustainable maritime future, he said India is establishing three Green Hydrogen Hub Ports -- Kandla, Tuticorin, and Paradip -- to support the manufacturing of green hydrogen and its derivatives and to pioneer the use of alternative fuels in the maritime domain.

Sonowal is on a five-day official trip to Norway and Denmark.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)