Visakhapatnam: Pointing out that India was a direct victim of sea-borne terrorism, Prime Minister Narendra Modi on Sunday highlighted that a peaceful and stable maritime environment was critical for regional and global security.
Addressing the valedictory function of the International Fleet Review (IFR), the PM said that after hosting the 3rd India-Africa Summit and the India-Pacific Island Cooperation, India would host the first-ever global maritime summit in April.
Over 90 per cent of global merchandise trade was carried out on the oceans. Over the last 15 years, its value had grown from about $6 trillion to about $20 trillion. Oceans were critical for the global energy security as over 60 per cent of world’s oil production moved on sea routes.
“Our ability to reap economic benefits from the oceans rests on our capacity to respond to the challenges in the maritime domain,” Mr Modi pointed out.
Highlighting the NDA government’s ambitious Make in India initiative, Mr Modi said that 37 of the Indian warships participating the IFR were made in India and this number would increase in the coming years.
He added the nation’s ability to reap economic benefits from the oceans rested on our capacity to respond to the challenges in the maritime domain.
Referring to natural disasters, Mr Modi said that the threat of natural disasters such as tsunamis and severe cyclones was ever-present in coastal counties.
Man-made problems such as oil spills and climate change also continued to risk the stability of the maritime domain, he added.
