1. Home
  2. Politics
  3. National
  4. Right time for investors to come

Right time for investors to come to India: PM Modi at Maritime Summit

India TV Politics Desk 14 Apr 2016, 12:15:04 PM IST
India TV Politics Desk

Mumbai: Prime Minister Narendra Modi inaugurated the Maritime India Summit on Thursday, and introduced a national perspective plan on the Sagarmala Project with details of investments.

Announcing centre's plan to modernise ports, the PM said that his government endeavors to revive and restore India’s “position of eminence in the global maritime sector”.

"We Indians are inheritors of a glorious maritime heritage. Maritime transport can be the most extensive mode of transport. It is also the most eco-friendly,” he said in Mumbai.

Citing the positive outlook by IMF and world bank Modi said, "This is the right time to come to India, it is even better time to come through the sea-route."

Deals worth over Rs. 80,000 crore are expected to be signed during the event in which delegates, CEOs and experts from 41 countries will participate.

At the three-day summit, agreements entailing investments of over Rs 82,000 crore will be signed, Union Shipping and Ports Minister Nitin Gadkari had said, adding this includes 35 concession agreements of Rs 5,900 crore, 20 work orders of Rs 8,250 crore and 86 MoUs involving an investment of over Rs 68,700 crore.

More than a dozen Union ministers are expected to address the summit, for which 3,000 delegates, including 300 from 41 countries, have registered, he said. Chief Ministers of Maharashtra, Goa, Andhra Pradesh and Gujarat will also be present.

Being held at NSE Grounds in suburban Goregaon, the summit will have 13 technical sessions, 200 exhibitors and 52 participants from South Korea, which is the partner country for the event.

It will also have a museum resembling a ship displaying the maritime history of the country, made by art director Nitin Desai.

India and South Korea also signed a memorandum of understanding for cooperation and mutual assistance in the port sector, Gadkari said.