Maritime sector to play crucial role in India’s 3rd largest economy goals: Dhankhar

India’s maritime sector is poised to play a transformative role in the country’s vision of becoming world’s third-largest economy, Vice President Jagdeep Dhankhar said Wednesday.

Today, India stands as an emerging maritime powerhouse, strategically leveraging its geographical location and advanced infrastructure to spearhead global maritime initiatives, the Vice President said.

“With the global blue economy projected to reach USD 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 said at the Indian Maritime Heritage Conclave (IMHC) 2024.

India is strategically developing its blue economy, emphasising sustainable ocean resource utilisation for economic growth and employment generation, Dhankhar said. The government’s Sagarmala programme integrates ports with industrial clusters, optimising logistic networks, fostering comprehensive coastal development.

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 added modern India had a 7,500 km coastline, 13 major ports, and 200 other ports that established it as a maritime powerhouse.