PM Modi highlights global trade potential with ship-turnaround time
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Kochi: Prime Minister Narendra Modi, while inaugurating projects worth Rs 4,000 crore at Cochin Shipyard Limited, emphasised that India has surpassed several developed nations in ship-turnaround time, showcasing the nation's potential and standing in global trade.
The projects are expected to accelerate development in the southern region of India.
PM Modi highlighted India's recognition in global trade, referencing agreements during India's G20 Presidency and the significance of the Middle East-Europe Economic Corridor in strengthening India's coastal economy.
Reflecting on the progress made, PM Modi recalled a time when ships faced considerable delays at ports, emphasising the significant improvement achieved. He stated that India has outpaced many developed nations in ship-turnaround time, illustrating the country's growth and efficiency in trade logistics.
Addressing the role of port cities in India's development during the Amrit Kaal, PM Modi envisioned ports playing a crucial role in the current era, contributing to India becoming a major global trade centre. He highlighted the government's efforts to enhance port cities like Kochi, listing increased port capacity, investment in port infrastructure, and improved connectivity under the Sagarmala Project.
PM Modi congratulated Kerala for receiving projects worth Rs 4,000 crore, including the inauguration of the country's largest dry dock in Kochi. The new dry dock allows large vessels to dock, facilitating shipbuilding and repair work, reducing reliance on foreign countries, and saving foreign exchange. He also emphasised the transformative impact of the International Ship Repair Facility, making Kochi the largest ship repair centre in India and Asia.
Drawing parallels with the collaboration of small businesses in the manufacturing of INS Vikrant, PM Modi expressed confidence in creating a new ecosystem of small businesses with extensive shipbuilding and repair facilities. He highlighted the significance of the new LPG Import Terminal, addressing the LPG needs of various cities and supporting economic development in the region.
The Central government anticipates that these projects will lead Cochin Shipyard Limited to double its turnover to Rs 7,000 crore within the next four years. Kerala Chief Minister Pinarayi Vijayan thanked PM Modi for the projects, emphasising the state's commitment to overall national development.
PM Modi also reiterated the collaborative effort of states in India's journey toward development during the 'Azadi Ka Amrit Kaal,' emphasising the positive outcomes when everyone works together.