Thiruvananthapuram, May 2 Prime Minister Narendra Modi dedicated to the nation 'Vizhinjam International Deepwater Multipurpose Seaport' worth Rs 8,900 crore on Friday.
Kerala Chief Minister Pinarayi Vijayan and many dignitaries were present on the occasion.
After dedicating the ambitious seaport to the nation, PM Modi called it a significant achievement in India’s maritime capacity and said, “This port will open new opportunities for the people.”
PM Modi further stated, “This transshipment hub capacity at the seaport is set to triple in the near future. It is designed to accommodate large cargo ships, addressing a critical need. Until now, 75 per cent of India's transshipment activities were conducted at foreign ports, resulting in significant revenue losses for the country. However, this is poised to change.”
He said that the money earlier spent abroad will now be channeled into domestic development, creating new economic opportunities for the people of the state and will ensure that the nation's wealth directly benefits its citizens.
Addressing the event, PM Modi also spoke about India’s eminence in the pre-Independence era and highlighted how the maritime focus powered the country’s growth.
“Before Independence, India saw thousands of years of prosperity. At one time, India held a major share in the global GDP. What kept us apart from other countries during that era was our maritime capacity, the economic activity of our port cities. Kerala had a significant contribution to this,” PM Modi pointed out.
PM Modi further said that the full potential of the port economy is realised only when infrastructure development and the 'Ease of Doing Business' are prioritised and promoted in sync.
“Over the past decade, this approach has been the cornerstone of the government's port and waterways policies. Significant strides have been made in advancing industrial activities and driving the holistic development of the state,” he stated.
Notably, the ambitious project is the country's first dedicated container transshipment port and this will contribute to strengthening India's position in global trade, enhancing logistics efficiency and reducing reliance on foreign ports for cargo transshipment.
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