Scope for more collaboration with Europe : MoPSW Secretary

NEW DELHI : There is scope for India to collaborate more with Europe to further the growth of its maritime economy, TK Ramachandran, Secretary of the Ministry of Ports, shipping, and Waterways, said Tuesday at the 2^nd CII India Europe Business and Sustainability Conclave here.

“India as a maritime nation is poised for growth, and there is a lot of potential available, especially with Europe. We have identified several areas where we are already collaborating, and there is scope for a lot of collaboration in the future,” Ramachandran said.

Ramachandran, in his presentation, noted that while the India-Middle-East-Europe Connectivity Corridor (IMEEC) “has the potential to unlock deep cooperation”, the country could also gain from best practices of shipbuilding and repair followed in Europe and attract investments in green shipbuilding.

Ramachandran highlighted that India had made strides in doubling port capacity and increasing the national waterway cargo carrying capacity by 17 times over the last decade, but more could be done.

“We have created a maritime development fund, which we are going to take forward,” Ramachandran said, highlighting the need for the shipping sector to attain infrastructure status for long-term financing.

The secretary, besides developing green ports and one new major port at Vadhavan, also emphasised the role of technology to improve efficiency.

“A lot of digital technologies, robotics to ensure that ports are efficient will be deployed,” he noted.

He noted that while the development of the Blue economy by 2047 would require investment of nearly $1 trillion, the ministry was eyeing financial support from state-owned banks and development banks.

The government last year, had announced that it had secured over Rs 10 lakh crore in investment at the Global Maritime India Summit 2023.