India's maritime sector projected to attract Rs 80 lakh cr investment in coming years: Sonowal
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Thiruvananthapuram (PTI): Union Shipping Minister Sarbananda Sonowal on Saturday said India's maritime sector was projected to attract investments worth over Rs 80 lakh crore in the coming years which will help the country regain its nautical supremacy.
According to Sonowal, in 2025, the maritime sector attracted over Rs 12 lakh crore investment and in coming years it will increase to Rs 80 lakh crore and generate over 1.5 crore jobs.
"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," he said at the inaugural ceremony of Vizhinjam port's second phase of development.
The minister said once the second phase of development is completed, Vizhinjam port will transform into "a regional transshipment hub of global significance".
Sonowal also highlighted the "remarkable operational performance" demonstrated by the port in the short span since its dedication to the nation in May last year.
The Union Shipping Minister further said under the leadership of Prime Minister Narendra Modi, the maritime sector in India, in the last decade, "has witnessed unprecedented progress" with manifold increase in the number of shipyards, maritime cruise passengers, cruise sectors, cargo movement on inland waterways and the number of operational waterways in the country.
He said that the impact of this progress has been seen on the ground as according to the Department for Promotion of Industry and Internal Trade (DPIIT) and the National Council of Applied Economic Research (NCAER), India's logistics costs are approximately 7.97 per cent of GDP for 2023-24, "a clear improvement from earlier levels".
"Kerala occupies a very special place in this national maritime transformation," the union minister said.
With world class ports, modern shipping, strong ship building and vibrant inland waterways, Kerala was "well positioned to play a leadership role in India's maritime future", he said.
The union minister also expressed confidence that Vizhinjam seaport along with the maritime ecosystem being developed in Kerala will generate employment, boost trade, empower coastal communities and strengthen India's position in the global supplies chain.
Sonowal said Kerala was currently implementing 56 Sagarmala-related projects with a total investment of over Rs 24,000 crore and of them 20 worth Rs 5,300 crore, have already been completed and the remaining 36 valued at Rs 18,700 crore were in various stages of implementation.
He also noted that the Cochin Port Authority and the Cochin Shipyard Ltd were playing a pivotal role in strengthening the maritime ecosystem in Kerala.
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UK PM Keir Starmer takes ‘China matters’ message on first Beijing visit
London (PTI): “Like it or not, China matters to the UK,” is the message British Prime Minister Keir Starmer is taking on his visit to Beijing on Wednesday, accompanied by a 60-strong business and cultural delegation.
Downing Street said the visit, which will also cover Shanghai, reflects the UK’s “clear-eyed and realistic” approach to China in terms of opportunities and challenges they pose by continuing to pursue cooperation while “maintaining guardrails” when it comes to the country’s national security.
The Labour Party government is keen to highlight its re-engagement with China with this first visit in eight years, coming close on the heels of a ministerial go-ahead for its controversial new “mega embassy” in London.
“For years, our approach to China has been dogged by inconsistency – blowing hot and cold, from Golden Age to Ice Age. But like it or not, China matters for the UK,” Starmer said in a pre-visit statement.
“As one of the world’s biggest economic players, a strategic and consistent relationship with them is firmly in our national interest. That does not mean turning a blind eye to the challenges they pose – but engaging even where we disagree.
“This is what our allies do, and what I will do: delivering for the public, putting more money in their pockets and keeping them safe through pragmatic, consistent cooperation abroad,” he said.
The UK PM is set to meet President Xi Jinping and Premier Li Qiang in Beijing on Thursday for talks on trade, investment and national security, before travelling to Shanghai for a range of engagements with British and Chinese businesses.
Accompanied by a delegation of leading UK-based businesses, including Tata Motors owned Jaguar Land Rover, sporting institutions, museums and theatre groups, Starmer is expected to push for access in areas such as the financial services sector, creative industries and life sciences.
“However, he will be clear that we will not trade economic cooperation for our national security. He will raise the areas where we disagree with China – being clear that we will always defend our national security and where viewpoints differ, frank and open dialogue is of vital importance,” Downing Street said.
Describing China as the world’s second largest economy, a crucial player in global supply chains and a growing military power, the UK said it is important to engage with its third-largest trading partner which supports 3,70,000 British jobs.
“We want to see trade flourish between us. From financial services to advanced manufacturing and the global energy transition, the UK’s strengths increasingly align with the rapidly evolving Chinese economy,” said Peter Kyle, the Business and Trade Secretary travelling with Starmer.
“The first duty of government is security, and we protect ourselves best through active engagement and pragmatic cooperation, not by shutting the door,” he said.
The visit follows the 2025 Economic and Financial Dialogue (EFD) that the UK’s Department for Business and Trade (DBT) claimed secured 600 million pounds in immediate benefits and the first UK-China Joint Economic and Trade Commission (JETCO) since 2018.
“The UK’s world-leading financial services sector is a cornerstone of our economy. With deep and liquid markets, and the FTSE hitting all-time highs, there are real opportunities for mutually beneficial cooperation with China which supports jobs for working people and growth for businesses across Britain,” said Lucy Rigby, Economic Secretary to the Treasury, also part of the ministerial delegation.
The Opposition Conservatives have criticised Starmer’s approach to China, amid human rights concerns and espionage fears. “Starmer has already surrendered to the Chinese Communist Party over their plan for a spy-hub super embassy in the heart of our capital,” said shadow foreign secretary Priti Patel.
“The evidence is overwhelming that China poses a serious threat to our national security and it is clear Starmer is going to China without any leverage. He lacks the backbone to stand up for Britain and is bending over backwards to appease Beijing,” she said.
Following his trip to China, Starmer is set to travel to Tokyo to meet with Japanese Prime Minister Sanae Takaichi to reinforce the UK-Japan partnership, said to be worth over 100 billion pounds and supporting 2,00,000 UK jobs.
