India's Maritime Sector Expected to Draw Rs 80 Lakh Crore Investment and Create Jobs

Union Shipping Minister Sarbananda Sonowal announced that India's maritime sector is set to attract investments exceeding Rs 80 lakh crore in the coming years. This substantial investment is expected to help India reclaim its historical maritime leadership. In 2025, the sector had already attracted Rs 12 lakh crore, and this figure is projected to rise significantly, creating over 1.5 crore jobs.

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The minister emphasised that once the second phase of development at Vizhinjam port is completed, it will become a significant regional transshipment hub. Sonowal praised the port's impressive operational performance since its dedication in May last year. He stated, "As a result of this investment, India's long lost maritime supremacy will be regained and we shall be the global maritime leaders once again."

Investment and Development in Kerala

Kerala plays a crucial role in this national maritime transformation. With its world-class ports, modern shipping facilities, robust shipbuilding industry, and vibrant inland waterways, Kerala is poised to lead India's maritime future. The state is currently implementing 56 Sagarmala-related projects with a total investment exceeding Rs 24,000 crore.

Of these projects, 20 worth Rs 5,300 crore have been completed, while the remaining 36 valued at Rs 18,700 crore are in various stages of implementation. The Cochin Port Authority and Cochin Shipyard Ltd are pivotal in strengthening Kerala's maritime ecosystem.

Impact on Logistics and Employment

Sonowal highlighted the progress made under Prime Minister Narendra Modi's leadership over the past decade. The number of shipyards, cruise passengers, cruise sectors, cargo movement on inland waterways, and operational waterways has increased significantly. This progress has positively impacted logistics costs, which are now approximately 7.97% of GDP for 2023-24.

The minister expressed confidence that the development of Vizhinjam seaport and the maritime ecosystem in Kerala will generate employment opportunities, boost trade, empower coastal communities, and strengthen India's position in the global supply chain.

The Department for Promotion of Industry and Internal Trade (DPIIT) and the National Council of Applied Economic Research (NCAER) have noted improvements in logistics costs. These developments underscore India's commitment to enhancing its maritime infrastructure and capabilities.

Overall, these initiatives are expected to bolster India's maritime sector significantly. With continued investment and development, India aims to regain its status as a global maritime leader while fostering economic growth and job creation across the country.

With inputs from PTI