India's maritime sector is poised to play a transformative role in the country's vision of becoming the world's third-largest economy, Vice President Jagdeep Dhankhar said Wednesday.
Speaking at the Indian Maritime Heritage Conclave (IMHC) 2024, Dhankhar said today India stands as an emerging maritime powerhouse, strategically leveraging its geographical location and advanced infrastructure to spearhead global maritime initiatives.
"With the global blue economy projected to reach $6 trillion by 2030, India's maritime sector stands poised to play a transformative role in our emergence as the world's third-largest economy."
India is strategically developing its blue economy, emphasising sustainable ocean resource utilisation for economic growth and employment generation, Dhankhar said. “With the global blue economy projected to reach $6 trillion by 2030, India's maritime sector stands poised to play a transformative role in our emergence as the world's third-largest economy.”
He noted that the government's Sagarmala seamlessly integrates ports with industrial clusters, optimising logistic networks, and fostering comprehensive coastal development.
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Through sophisticated maritime diplomacy, particularly initiatives like Sagar, security and growth for all in the region, we are fostering robust international partnerships and ensuring regional stability across the Indo-Pacific, he said.
The Coastal Shipping Bill 2024 streamlines regulatory frameworks and enhances multi-modal trade connectivity, the Vice President said.
Addressing the participants, including delegates from 11 countries, he further said that modern India has a 7,500 km coastline, 13 major ports, and 200 non-major ports that establish it as an undisputed maritime powerhouse.
"Our port's annual handling capacity of 1,200 million tonnes of cargo underscores the maritime sector's pivotal role in our economic landscape. The maritime sector facilitates an extraordinary 95 per cent of India's trade volume, and that accounts for 70 per cent of its value, capitalising on our strategic Indian Ocean position," he said.
Global institutions like the IMF, the World Bank and the World Economic Forum hold out India as favourite destination of investment and opportunity, Dhankhar said.
“Our maritime heritage is inextricably woven into the fabric of India's ancient civilisation, encompassing centuries of trade, cultural cross-pollination and profound mythological significance. Our civilisational ethos and heritage of thousands of years is well complemented also by maritime heritage,” he noted.
In his address, Minister of Ports, Shipping and Waterways Sarbananda Sonowal said India's maritime sector has experience of thousands of years.
"Our great nation, with its rich and diverse history, has been a maritime nation for over 5,000 years. From the Harappan Civilization to the present day, our connection with the seas has profoundly shaped our culture, economy, and world view," he told the audience which included maritime historians, archaeologists, and maritime researchers besides other industry stakeholders.
India engaged in trade with Mesopotamia, Egypt, and the Persian Gulf, for trading items like beads, jewellery, and cotton. India has always been a land deeply connected to the sea. With a vast coastline, the ocean has been its partner for thousands of years.
The ports were not just places of commerce but also gateways of connection, where civilizations met, exchanged, and enriched each other.
In the medieval period, India's role in the spice trade was unparalleled. The Indian merchants not only traded with Arabia, China, and Southeast Asia but also established the Silk Road of the Sea, facilitating the exchange of goods, culture, and ideas, the minister said.
"These are the values we need today as we face challenges like climate change, environmental degradation, and global instability. This conclave is a platform for dialogue and collaboration. It is an opportunity to bring together scholars, policymakers, and maritime professionals to exchange ideas and craft solutions for the future," Sonowal said.