Private investment, digital integration key for maritime sector's growth: Indian Chamber of Commerce

By bringing together government, industry, and academia, we are laying the foundation for an efficient, sustainable and globally competitive transport infrastructure, Jindal said in a statement.Kanishka Sethia, chairman of ICCs Logistics Committee and CEO of Western Carriers, termed Gati Shakti a game-changer for supply chains, stating, Breaking silos through multi-modal integration can propel India towards a USD 20 trillion economy by 2040.

India's maritime sector requires an investment of Rs 3-4 lakh crore to bolster port infrastructure and logistics connectivity, making the country globally competitive in trade, an industry body said on Thursday.

''Private investment will be a key driver in achieving this objective. The involvement of the private sector is crucial not only for the funding, but also for accelerating the pace of development through innovation and efficiency,'' Indian Chamber of Commerce president Abhyuday Jindal said.

According to experts, private sector investment in India is expected to pick up in the near future.

''The government has proposed the Maritime Development Fund, earmarking Rs 25,000 crore to support facilitating projects in the sector,'' ‘PM Gati Shakti’ expert Rajesh Menon said.

''This fund will act as a catalyst, helping overcome funding gaps and expediting project implementation,'' he said.

The prime minister had earlier launched the PM Gati Shakti - National Master Plan for multi-modal connectivity – essentially a digital platform to bring 16 ministries including Railways and Roadways together for integrated planning and coordinated implementation of infrastructure connectivity projects.

The maritime sector handles about 75 per cent of the country's overall trade volume, and needs substantial investments to meet rising infrastructure demands.

''A well-integrated multi-modal logistics framework is no longer an option but a necessity for India's economic expansion. By bringing together government, industry, and academia, we are laying the foundation for an efficient, sustainable and globally competitive transport infrastructure,'' Jindal said in a statement.

Kanishka Sethia, chairman of ICC’s Logistics Committee and CEO of Western Carriers, termed ‘Gati Shakti’ a ''game-changer'' for supply chains, stating, ''Breaking silos through multi-modal integration can propel India towards a USD 20 trillion economy by 2040.”