Over 300 Memorandum of Understanding (MoUs) valued at Rs 6 lakh crore were signed during the third Global Maritime India Summit, held in Mumbai, said Sarbananda Sonowal, Union Minister for Ports, Shipping & Waterways in an interview with CNBC-TV18.

“Altogether, more than 300 MoUs have been signed at the value of close to Rs 6 lakh crore – in different sectors like port modernisation, mechanisation, port digitisation, and green hydrogen, green ammonia, and also shipbuilding and ship-repairing,” he said.

Sonowal acknowledged that India’s plan to enable handling of 10,000 million tonnes per annum (mtpa) of cargo is a ‘massive target’. However, “…whatever infrastructure, initiatives need to be undertaken and be implemented within the timeframe, will be taken care of,” he said.

Another key aspect discussed at the summit was the National Monetisation Plan (NMP), which envisions privatising 30 projects by 2025-2026. Minister Sonowal said, “We are moving in that direction very comfortably.”

One of the key announcements made during the recent G20 summit that generated enthusiasm in the Indian stock markets pertains to the India-Middle East-Europe Economic Corridor (IMEEEC). This initiative outlined a strategic plan to establish connectivity between India and Europe via the Middle East region.

Minister Sonowal is optimistic the goal will be met in the near future. He stated, “It is going to happen in reality, within a short span of time.”

He talked about the significance of this corridor, which is set to create a more extensive market connecting Europe and Asia while providing enhanced facilities for traders, exporters, importers, and users of this route. Minister Sonowal believes that this initiative is a well-thought-out plan that aligns with India’s aspirations for economic growth and trade expansion.
Source: CNBCTV18