PM Modi Announces Rs 70,000-Crore Boost for Maritime Sector

Mumbai: Prime Minister Narendra Modi on Wednesday unveiled an ambitious Rs 70,000-crore investment plan to strengthen India’s shipbuilding industry, infrastructure and employment generation in the maritime sector. Addressing the Maritime Leaders Conclave and chairing the Global Maritime CEO Forum during India Maritime Week (IMW) 2025 at Mumbai’s NESCO Exhibition Centre, Mr. Modi said India was ready to serve as the “steady lighthouse” for the world amid turbulent global seas.

Highlighting the transformation of the maritime sector over the past decade, the Prime Minister said the number of Indian seafarers had more than doubled — from 1.25 lakh to over 3 lakh — placing India among the top three nations globally.

Mr. Modi was accompanied by Maharashtra Governor Acharya Devvrat, Chief Minister Devendra Fadnavis, Deputy Chief Ministers Eknath Shinde and Ajit Pawar, Union Minister Sarbananda Sonowal, and Ministers of State Shantanu Thakur and Kirti Vardhan Singh.

The Prime Minister said several new projects and MoUs worth “lakhs of crores of rupees” had been signed during the conclave, reflecting global confidence in India’s maritime capabilities.

Among recent milestones, Mr. Modi highlighted Vizhinjam Port, India’s first deep-water international trans-shipment hub, that had become operational, with the world’s largest container vessel recently docking there. India’s major ports also handled their highest-ever cargo volumes in 2024–25, he added. “In the 21st century, India’s maritime sector is advancing with great speed and energy”, he said.

The PM pointed out that Kandla Port had launched the country’s first megawatt-scale indigenous green hydrogen facility, while JNPT had doubled its capacity with the commencement of Phase 2 of the Bharat Mumbai Container Terminal — backed by the largest FDI in India’s port infrastructure, with Singapore as a key partner.

Describing the past decade as a period of “historic transformation,” the Prime Minister said more than 150 new initiatives under the Maritime India Vision had nearly doubled the capacity of major ports, reduced turnaround time, and boosted cruise tourism. Cargo movement on inland waterways, he said, had surged by 700 per cent, while the net annual surplus of Indian ports had grown ninefold.

Mr. Modi added that India’s ports were now among the most efficient in the developing world, with the average container dwell time reduced to less than three days and vessel turnaround time halved to 48 hours. India has also climbed significantly in the World Bank’s Logistics Performance Index, he said.

Reaffirming India’s shipbuilding ambitions, Mr. Modi announced that large vessels had been granted “infrastructure asset” status, enabling easier financing and credit access for domestic shipyards. The Rs 70,000-crore investment, he said, would “enhance shipbuilding capacity, create jobs, and boost maritime innovation.”

Referring to the India–Middle East–Europe Economic Corridor, Mr.s Modi said it would redefine global trade routes and promote clean energy and smart logistics. “When global seas are rough, the world looks for a steady lighthouse. India is ready to play that role with strength and stability,” Mr. Modi said.