Prime Minister Narendra Modi was is in Maharashtra's Mumbai on Friday to address Global Fintech Fest (GFF) 2024 in Mumbai and lay foundation stone of Vadhvan Port project worth around Rs 76,000 crore in Palghar, according to his office.
Prime Minister Modi reached the Jio World Convention Centre in Mumbai at 11 am for the GFF 2024. Later, he inaugurate and laid the foundation stone of various development projects at CIDCO ground, Palghar.
PM Modi Maharashtra Visit | Vardhvan Port
PM Modi laid the foundation stone of the Vadhvan Port which aims to establish a world-class maritime gateway that will boost the country's trade and economic growth by catering to large container vessels, offering deeper drafts, and accommodating ultra-large cargo ships. Vadhvan Port, located near Dahanu town in Palghar district, will be one of India's largest deep-water ports and will provide direct connectivity to international shipping routes, reducing transit times and costs, the PMO statement said.
Vadhvan Port is poised to become one of the top 10 ports globally, outshining India's current largest ports by threefold, according to the government. "This all-weather, greenfield deep-draft major port is set to revolutionize maritime trade, marking India as a key player in the global shipping industry," as per an X post by MyGovIndia.
Equipped with state-of-the-art technology and infrastructure, the port will feature deep berths, efficient cargo handling facilities and modern port management systems, it said.
The port is expected to generate significant employment opportunities, stimulate local businesses and contribute to the overall economic development of the region, he said.
The Vadhvan Port project will be a combination of sustainable development practices, with a focus on minimising environmental impact and adhering to stringent ecological standards.
Once operational, the port will enhance India's maritime connectivity and further strengthen its position as a global trade hub, the PMO statement said.
Vadhvan Port is set to become the ultimate shipping powerhouse, equipped with nine 1000-meter-long container terminals, multipurpose berths, liquid cargo berths, Ro-Ro berths, and a dedicated Coast Guard berth, the government said.
PM Modi Maharashtra Visit | Fisheries
PM Modi will also inaugurate and lay the foundation stone of 218 fisheries projects worth around Rs 1,560 crore, aimed at bolstering the sector's infrastructure and productivity across the nation.
These initiatives are aimed at generating more than five lakh employment opportunities in the fisheries sector, the PMO statement said.
He will also launch the National Roll Out of Vessel Communication and Support system at a cost of around Rs 360 crore. Under this project, one lakh transponders will be installed in phases on mechanised and motorised fishing vessels in 13 coastal states and Union Territories.
The vessel communication and support system is indigenous technology developed by the Indian Space Research Organisation (ISRO), which will help in establishing two-way communication while fishermen are at sea and also help in rescue operations as well as ensure safety of our fishermen, the statement said.
PM Modi Maharashtra Visit: Other Projects
Development Of Fishing Harbours: Other projects and initiatives to be inaugurated by PM Modi on Friday include the development of fishing harbours and integrated aquaparks alongside the adoption of advanced technologies such as the recirculatory aquaculture system and biofloc.
These projects will be implemented across multiple states and will provide crucial infrastructure and high-quality inputs to enhance fish production, improve post-harvest management and create sustainable livelihoods for millions involved in the fisheries sector, the statement said.
Fishery Infra Projects: PM Modi will also lay the foundation stone for important fishery infrastructure projects including development, upgradation and modernisation of fishing harbours, fish landing centres and construction of fish markets.
This is expected to provide necessary facilities and hygienic conditions for post-harvest management of fish and seafood.
Global Fintech Fest: The Global Fintech Fest (GFF) attended by PM Modi was jointly organised by the Payments Council of India, the National Payments Corporation of India and the Fintech Convergence Council. Around 800 speakers, including policymakers, regulators, senior bankers, industry captains and academicians from India and various other countries were to address more than 350 sessions in the conference.
It is showcasing the latest innovations of the fintech landscape. Over 20 thought leadership reports and white papers were scheduled to be launched at GFF 2024, offering insights and in-depth industry information.
