Kolkata, Mar 6 (PTI) India's maritime sector requires an investment of Rs 3-4 lakh crore to bolster port infrastructure and logistics connectivity, making the country globally competitive in trade, an industry body said on Thursday.

"Private investment will be a key driver in achieving this objective. The involvement of the private sector is crucial not only for the funding, but also for accelerating the pace of development through innovation and efficiency," Indian Chamber of Commerce president Abhyuday Jindal said.

Also Read | News Headlines for School Assembly Today, 07 March 2025: Check Important National, International, Sports, Entertainment and Business Stories.

According to experts, private sector investment in India is expected to pick up in the near future.

"The government has proposed the Maritime Development Fund, earmarking Rs 25,000 crore to support facilitating projects in the sector," ‘PM Gati Shakti' expert Rajesh Menon said.

Also Read | Who Is Sivasri Skandaprasad? All You Need To Know About Carnatic Singer and BJP MP Tejasvi Surya's Wife.

"This fund will act as a catalyst, helping overcome funding gaps and expediting project implementation," he said.

The prime minister had earlier launched the PM Gati Shakti - National Master Plan for multi-modal connectivity – essentially a digital platform to bring 16 ministries including Railways and Roadways together for integrated planning and coordinated implementation of infrastructure connectivity projects.

The maritime sector handles about 75 per cent of the country's overall trade volume, and needs substantial investments to meet rising infrastructure demands.

"A well-integrated multi-modal logistics framework is no longer an option but a necessity for India's economic expansion. By bringing together government, industry, and academia, we are laying the foundation for an efficient, sustainable and globally competitive transport infrastructure," Jindal said in a statement.

Kanishka Sethia, chairman of ICC's Logistics Committee and CEO of Western Carriers, termed ‘Gati Shakti' a "game-changer" for supply chains, stating, "Breaking silos through multi-modal integration can propel India towards a USD 20 trillion economy by 2040.”

(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)