Union minister for ports, shipping, and waterways Sarbananda Sonowal underscored the immense investment potential of India’s maritime sector during the Ambassador’s Meet held on 11 August. The event attended by international envoys and diplomats, resonated with discussions centered on India’s maritime capabilities and its pivotal role in global trade and economic growth.
Sonowal, in his address, placed special emphasis on capitalizing on the investment opportunities available in India’s maritime industry, highlighting the permission for 100% Foreign Direct Investment (FDI) through automatic route, particularly for projects linked to construction and upkeep of ports and harbors. This policy, he noted, not only showcases India’s openness to foreign investments but also strengthens its standing as an attractive destination for maritime infrastructure ventures.
The minister also underlined the instrumental role of Public-Private Partnerships (PPP) in shaping the sector’s trajectory. He disclosed that PPP terminals are currently managing nearly half of the cargo flow at major ports, demonstrating the effectiveness of this collaborative approach in enhancing efficiency and capacity.
The event was organised ahead of the Global Maritime India Summit 2023, scheduled to be held in Delhi during 17-19 October.