Union Minister for Ports, Shipping, Waterways Sarbananda Sonowal has said that India is aiming to increase the supply chain efficiency and lowering logistics costs which will facilitate India to achieve its well-defined goal of being a $5 trillion economy by 2025.

He said, India has one of the largest supply chain and logistics sectors in the world growing at a fast pace. An efficient logistics ecosystem is thought to be a catalyst for improving the competitiveness of all sectors of the economy.

Addressing the virtual CII Partnership Summit 2021 in New Delhi, the Minister informed that the Ministry of Ports, Shipping and Waterways has prepared a blueprint - Maritime India Vision 2030 (MIV 2030), to ensure coordinated and accelerated growth of India’s maritime sector in the next decade with the objective of propelling India to the forefront of the Global Maritime Sector.

He said, MIV 2030 has identified initiatives such as developing world-class Mega Ports, trans-shipment hubs and infrastructure modernization of ports.

These initiatives would help in lowering overall operational costs of ports, reducing turnaround time for vessels, increasing efficiency and throughput, providing ability to handle larger ships and developing Indian Port’s strategic importance in the South Asian region.

Sonowal added that MIV 2030 envisions an overall investment of Rs 3 to 3.5 lakh crore across ports, shipping, and inland waterways categories. He said, this vision roadmap is estimated to help unlock Rs. 20,000+ crore worth of potential annual revenue for Indian Ports.

Further, it is expected to create an additional 20 lakh plus jobs (direct and indirect) in the Indian maritime sector, he said.