We are going to become world’s no 1 Economy by 2047 : Sonowal at BS Infra
NEW DELHI : Union Minister of Ports, Shipping and Waterways Shri Sarbananda Sonowal said that India is on track to become the world’s number one economy by 2047, backed by massive infrastructure expansion and maritime reforms.
Speaking at the Business Standard Infrastructure Summit, Sonowal said, “India will become world’s number one economy by 2047. Our target is very clear: by then, the cargo handling capacity of Indian ports will increase to 10,000 million metric tonnes. As a shipbuilding nation, we aim to be among the world’s top 10 by 2030 and top five by 2047.”
Sonowal underlined that Prime Minister Shri Narendra Modi has laid out a grand vision of making India a “Viksit Bharat“, a self-reliant economy worth $30 trillion by the time the country completes 100 years of Independence. 50 PPP projects worth over ₹60,000 crore identified – Modi Govt aims to raise share of private participation in Major Ports to 85% by 2030.
“A decade back, India was lingering at the 11th position in global ranking of economies. Within a short span of time, we have jumped to the fourth position, and very soon, we are going to be the third largest economy of the world,” he said.
The minister credited this rise to a clear strategy, good governance, reforms, and large-scale infrastructure development.
Massive boost in capital expenditure
Highlighting the government’s investment push, Sonowal said the Union Budget this year allocated ₹11.21 trillion for capital expenditure, compared to just ₹2 trillion in 2014. “Our government, under the dynamic leadership of Prime Minister Narendra Modi, has embarked on this ambitious journey to revolutionise the country’s infrastructure landscape, aiming to bolster economic growth while ensuring environmental balance,” he said.
Sonowal criticised the UPA regime, saying no meaningful reforms were made in the maritime sector between 2004 and 2014. “They sadly had no vision for the maritime sector. They were sea blind. It required the visionary leadership of our Prime Minister to revive the sector and restore its ancient glory,” he said, referring to initiatives such as Maritime India Vision 2030 and Maritime Amrit Kaal Vision 2047.
The government has scaled up investment in the sector to ₹80 trillion, focusing on port capacity expansion, digitalisation, automation, green hydrogen hubs, coastal tourism, and skill development, he said.
Legislative and policy overhaul
Sonowal said maritime infrastructure was stuck with outdated colonial-era laws. “Our nation was saddled with more than 1,500 legislations, many pre-constitutional. Who would have done business with such a nation?” he asked.
He added that while only one maritime law was enacted under UPA, the Modi government has brought in 11 new legislations in the past decade. Recently, five landmark laws were passed to align India’s maritime framework with global best practices.
The Indian Ports Bill 2025 now provides clear provisions for PPP and foreign investment, giving ports greater autonomy. The government has also identified 50 PPP projects worth over ₹60,000 crore to be taken up in coming years, with a target to raise private participation in major ports to 85 per cent by 2030.
Major projects and global competitiveness
Sonowal said nearly 840 projects worth ₹5.8 trillion are being implemented under the Sagarmala Programme, of which 272 have been completed.
The Greenfield port at Vadhavan in Maharashtra, with an investment of ₹76,000 crore, will become India’s largest port by capacity.
Indian ports, he added, are now globally competitive. “The average container dwell time for India has improved to only three days, compared to four days in UAE, seven in the US, and 10 in Germany. Our turnaround time of 0.9 days is better than advanced maritime nations such as the US, Australia, Belgium, Canada, Germany and Singapore.”
Currently, nine Indian ports feature in the world’s top 100 container ports, with Visakhapatnam Port ranked among the top 20 globally.
Jobs and growth opportunities
Sonowal further said that investments in maritime infrastructure, shipbuilding, and port-led industrialisation will generate millions of jobs in the country.
“Our ports must be seamlessly connected to railways and roadways, and industries meant for global markets should be located close to ports. This integrated approach will boost exports and growth,” he said.