The following article is based on my own interpretation of the said events. Any material borrowed from published and unpublished sources has been appropriately referenced. I will bear the sole responsibility for anything that is found to have been copied or misappropriated or misrepresented in the following post.
Sumit Kumar, MBA 2015-17, Vinod Gupta School of Management, IIT Kharagpur
The first maritime summit was held in Mumbai from 14 April to 16 April, which resulted in approximately 83000 crore worth contracts signed for development of Indian marine sector. It was inaugurated by Prime Minister Narendra Modi , underlining the seriousness of Indian government to raise the Indian marine sector. Recently government passed the bill to develop inland waterways that will cost exchequer 70,000 crore.
The summit provided a platform for participation, engagement and interaction from 42 countries. More than 5000 delegates from around the globe participated in the Summit. The 3 day exhibition organized during the Summit also drew enthusiastic response from 197 exhibitors including 81 international companies, 80 Indian private sector companies and 36 Government owned entities.
The Summit showcased around 240 projects which present investment opportunities during the next five years. The investment potential of these projects is around $ 66 Billion (Rs. 4.34 lakh crores). The Ministry of Shipping has established an Investment Facilitation Cell in Indian Ports Association to follow up on these opportunities with potential investors and ensure that the announcements and intent expressed during the summit materialize into actual projects and investments.
Looking at the initiatives taken by the government to develop the marine sector, the Indian marine industry is bond to the one of best in coming years. Indian ports can use their strategic locations to be trans-shipping hubs, relaxation in cabotage bill will help in achieving this goal.