Global Maritime India Summit 2023

  • 20 Oct 2023

On 17th 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.