Global Maritime India Summit 2023

20 Oct 2023

On 17^th October, 2023,Prime Minister inaugurated the third edition of the Global Maritime India Summit 2023 via video conferencing.

Key Points

Vision for Maritime Blue Economy: PM unveiled 'Amrit Kaal Vision 2047,' a comprehensive blueprint outlining India's future in the maritime blue economy sector.
This vision encompasses strategic initiatives to enhance port facilities, promote sustainability, and facilitate international collaboration.
Projects Worth Over Rs 23,000 Crores: The Prime Minister laid the foundation stone for projects valued at more than Rs 23,000 crores that align with the 'Amrit Kaal Vision 2047' for the Indian maritime blue economy.
Maritime Role in Trade: Stressing the role of sea routes in global trade, the Prime Minister highlighted the need for a reliable global supply chain in the post-Corona world.
G20 Consensus: The Prime Minister highlighted the transformative impact of the proposed India-Middle East Europe Economic Corridor, enabled by a historic G20 consensus.
Infrastructure Developments: PM Modi outlined various infrastructure projects such as Next Generation Mega Port, International Container Trans-shipment port, island development, inland waterways, and multi-modal hubs.
These projects will reduce business costs, enhance environmental sustainability, improve logistical efficiency, and generate employment opportunities.
Transformative Changes: The government's vision of 'Ports for Prosperity and Ports for Progress' is ushering in transformational changes, with a focus on economic productivity.
The Coastal Shipping Modes are being modernized to offer cost-effective logistic options.
Maritime Clusters and Ship-Building: India is working to strengthen the ship-building and repair sector, aiming to become one of the top five ship-building nations.
Maritime clusters and ship-building centers will be developed, and India is already the second-largest in the field of ship recycling.
Blue Economy for a Green Planet: India is moving towards a future where the Blue Economy will play a pivotal role in creating a Green Planet.
The major ports are aiming for carbon neutrality through a net-zero strategy.
Maritime Tourism: India's vast coastline, rich riverine eco-system, and cultural heritage create new opportunities for maritime tourism.
The world's longest river cruise service will promote maritime tourism, and India is developing state-of-the-art infrastructure to become a global cruise hub.
Foundation Stone for Projects: The Prime Minister laid the foundation stone for the Tuna Tekra all-weather deep draft terminal, a state-of-the-art greenfield terminal at Deendayal Port Authority in Gujarat, to be developed in PPP mode.
MoUs for Maritime Partnerships: Over 300 Memorandums of Understanding (MoUs) worth more than 7 lakh crores were dedicated to global and national partnerships in the maritime sector.

Blue Economy: Concept

Definition: The blue economy refers to the sustainable utilization of ocean resources for economic growth, improved livelihoods, and job creation while preserving the health of ocean ecosystems.
Origin: The concept of the blue economy was introduced by Gunter Pauli in his 2010 book, "The Blue Economy, 10 years, 100 innovations, 100 million jobs."
World Bank Perspective: According to the World Bank, the blue economy involves the sustainable use of ocean resources for economic growth and better livelihoods while safeguarding the ocean's health.
Commonwealth of Nations: The Commonwealth of Nations views the blue economy as an emerging concept that encourages responsible stewardship of ocean resources.
Conservation International: Conservation International expands the blue economy's definition to include non-marketed economic benefits like carbon storage, coastal protection, cultural values, and biodiversity.

Significance of Blue Economy for India

Subset of National Economy: India's blue economy is an integral part of the national economy and encompasses ocean resources and human-made economic infrastructure in marine, maritime, and coastal zones.
Abundant Coastal Resources: India possesses a vast coastal area with 7,500 km of coastline, 1,382 islands, and an Exclusive Economic Zone (EEZ) spanning over 2 million square kilometers.
Port Infrastructure: The country boasts 199 ports, including 12 major ports that handle a substantial annual cargo volume of approximately 1,400 million tons.
Socio-Economic Opportunities: India's blue economy presents extensive socio-economic prospects for responsibly utilizing ocean resources for societal benefit.
Resource Abundance: India's EEZ holds valuable living and non-living resources, including recoverable resources such as crude oil and natural gas.
Community Impact: The coastal economy supports over 4 million fisherfolk and coastal communities, making it a crucial livelihood source.

Government of India Initiatives to Promote Sustainable Blue Economy

Sagarmala Project: The project envisions reducing logistics costs for both domestic and international trade with minimal infrastructure investment, thereby boosting the blue economy.
Coastal Economic Zones (CEZs): CEZs are identified in the National Perspective Plan for the Sagarmala Programme and aim to promote exports by providing infrastructure and facilities near ports for entrepreneurs to establish businesses.
Indian Ocean Rim Association: India actively participates in the Indian Ocean Rim Association (IORA) to promote the blue economy among Indian Ocean littoral states.
Matsya Sampada Yojana: This flagship scheme focuses on the sustainable development of the fisheries sector, aiming to bring about a Blue Revolution by harnessing fisheries' potential responsibly.
Polymetallic Nodules: India has received approval from the International Seabed Authority for deep-sea mining in the Central Indian Ocean, contributing to resource development.
Deep Ocean Mission: Launched to develop technologies for harnessing living and non-living resources from the deep oceans, furthering India's blue economy goals.
India-Norway Task Force on Blue Economy for Sustainable Development: Inaugurated in 2020, this task force is a collaborative effort between India and Norway to develop and follow up on joint initiatives, strengthening the blue economy.