Reiterating that development of Blue Economy is very crucial for India’s economic development, Union Minister for Shipping Nitin Gadkari said that the country has identified over 600 projects, entailing an investment around $120 billion, to be undertaken by 2020 under the Sagarmala Programme.
He said that the projects will save the country nearly six billion dollars per annum in logistics costs, create 10 million new jobs, and raise the port capacity by 800 Million Metric Tonne per Annum (MMTPA) to a total of 3500 MMTPA.
Gadkari said that about $150 million is invested per each Coastal Economic Zones (CEZs) developed under the Sagar Mala programme. To support the programme, the country is also developing inland waterways and coastal shipping, he said.
“The CEZs will become a microcosm of the blue economy wherein industries and townships that depend on the sea and contribute to global trade through sea connectivity are envisaged,” he said.
Gadkari was speaking while on the way to attend the Sustainable Blue Economy Conference, rganized by Kenya, with Canada and Japan as co-hosts.